Understanding how the city allocates and spends money can be complicated. The City of Tower, like all municipalities, adheres to accounting practices specific to government. The formal process includes recognizing public support for services and infrastructure, as well as following the spending and taxing authority outlined in the budget. There are notable differences between public- and private-sector financial practices, specifically openness and transparency, which are hallmarks of the public sector.
Access to regular financial reporting reflects a constructive "spirit of full disclosure" to clearly communicate and educate the public about the financial condition of its government. Governmental accounting standards provide the basis for tracking and reporting financial performance.