at the same time, every line item in the event’s budget has gone up, including labour, supplies, materials, and insurance costs, said runnals. the event’s annual budget has jumped by about $700,000 in the last four years, a 35-per-cent increase from before the pandemic.
economic uncertainty, inflation, higher borrowing costs, and tariffs also mean companies are hesitant to spend money on sponsorship, he said.
last year, the festival lost sponsors scotiabank and seaspan. organizers managed to cobble together enough funding to put on a show, but with a shortfall.
“we’ve always operated at a pretty thin margin. we were able to go forward, but at the end of the day, we lost money,” said runnals, whose company brandlive produces the event for the non-profit vancouver fireworks festival society. “we can take a little hit here and there, but we can’t do that repeatedly.”
team canada performs at the celebration of light
francis georgian
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michael mcknight, co-chair of the festival society, said the society can’t keep on scrambling each year to keep the event afloat.
“for 33 years, this event has been a cornerstone of vancouver’s summer — a shared experience that brought families, friends, and visitors together from across the province and around the world,” he said in a statement. “ending that tradition is incredibly painful, but we simply can’t continue.”