The department of business, economic development, and tourism shall submit an annual report to the legislature on the operations of its out-of-state offices. For each out-of-state office the report shall describe and include, but not be limited to:
(1) The programs developed to reach targeted companies or industries in the respective area or surrounding region, and the result of these programs;
(2) The major out-of-state government policies and regulations affecting business and economic development in Hawaii;
(3) The major advertising efforts, promotional events, media coverage, and educational programs developed and conducted regarding business opportunities in the State; and
(4) An expenditure report which shall include a detailed description of expenditures involving staffing and contracted personal services.