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You see, "inaugural" means by definition "the first" or the one that sets into motion", whereas "first annual" implies that not only is it the first, but it will be repeated every year. So I think that first annual is probably fine as is.
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That would only be a problem if the word in question meant "the only". Saying something in "the first" automatically implies that there will be subsequent occurances of the event.
Think of it this way: it will impress the really smart people, and force everyone who doesn't know what it means to use their dictionary.
Abedithon le,
~*~Aranel~*~