CAFR 2011 Final with opinion (2)

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= Tourism—Tourism has always been the major industry on the island. In addition to the mild climate and natural beauty it shares with other areas in the state,the County features the a vai`i volcanoes National Park. A popular attraction, the park is the most visited site in the state, handling over 2 million visitors annually, which became even more popular with the increased activity of Kilauea volcano. Another indication of the County's slowly rebounding industry, is the fact that there was a % increase in the number of visitors to the island from the prior fiscal year. For the state overall, visitor arrivals have shown an amazing increase after the dismal performance in 2009,'with visitor spending proving to be even more impressive. Construction—The County's second significant industry is construction, which appears to be a weakness for the island economy as seen in the negative growth of construction completed, lover building p rnnits and losses in the industry's job total. Scientific Research and e e o me —Due largely to its unique geographic characteristics which has attracted scientists in fields of a.str n m , meteorology, volcanology, and agricultur aqua ulture, the County has benefited economically by the significant investments made in scientific research. The total astronomy related capital investment on Mauna Idea exceeds $600 million and combined annual budgets are about $72 million. Astronomy continues to a major factor in the success of the County's economy with an estimated nearly 500 new jabs opening up through 2023 to meet the needs of the current observatories and the creation of new jobs with the development f the Thirty Meter Telescope TMT by the TMT Observatory Corporation.. On July 21, 2009, the TMT Observatory Corporation announced that its board of directors had selected Mauna Idea over Chile as the preferred site for the Thirty Meter Telescope (TMT) and the permit application was approved by the Board of Land and Natural Resources in February 2011. It is projected that the TMT project will pour an estimated $1.2 billion into the economy over nine years, resulting in 300 construction jobs and 140 fill-time pennanent jobs. The Hawaiian volcano Observatory in Hawaii volcanoes National Park and the Natural Energy Laboratory of Ha vai`i Authority at Keah l , Kona are also major contributors to international research and the local economy. Major Initiatives For the Year During the year, the County focused on construction projects relating to housing, sanitation and public safety, and other issues affecting the quality of life in the County. Public Sac —During the fiscal year, construction was completed on the building that houses the Pah a Police Station and an office for the Vehicle Registration& Licensing Division of the Department of Finance and the adjoining Pah .Fire Station. In August 2010, the Fire Department's new replacement rescue chopper was blessed and less than a year later, in May 2011, groundbreaking ing occurred for the new Mal alei Fire Station in North Iona. - 3 -