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I have a friend who has long argued that “first annual” is incorrect. I decided to research it and the consensus is that although the topic is conveniently left out of most grammar guides, the first time you have an event is the “inaugural” event, even if you intend to hold the event every year. The AP Stylebook does state: “An event cannot be described as annual until it had been held in at least two successive years.” Once you hold the event for the second year, then it can be called the “second annual” event. So Ed is half right. The first event is the “inaugural” event and the second yearly event is the “second annual” event. He would argue that the second yearly event is the first annual since it is the first anniversary of the event so it should be the first annual. The research (and I) tend to disagree because it is the second yearly event, making it the second annual. Each successive annual event would then be called the third annual, fourth annual, etc.
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