Fairs, Festivals and other annual events...who needs 'em?

sicc574 posted some pics said
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Living in the small city of Pendleton, Oregon and this being the second full week of September only can mean one thing for me:  The Pendleton Round-Up! It’s the fourth largest rodeo in North America and the only one that takes place on grass rather than dirt. This week every year our sleepy little town quadruples in size,  local business owners make most of their profit for the whole year and most locals get annoyed at least a little by all of the drunken out-of-towners that come to dress up to play cowboys and Indians for a week. Although this is a rich 108 year tradition, some locals thrive on it, some can’t stand it and others like myself take it at face value and have kind of a ¯_(ツ)_/¯ attitude toward it.

Does the city/town you live in have an annual festval, fair or some other similar event? If so, how do you feel about it and how is it generally received by the rest of the residents that live there year round?