Events in jeopardy after Waterfront Park cut from Commonwealth's - wave3.com-Louisville News, Weather & Sports

Events in jeopardy after Waterfront Park cut from Commonwealth's budget

Posted: Updated:

LOUISVILLE, KY (WAVE) – Several events are being scaled back while others are on the chopping block after funding for Waterfront Park was cut from the General Assembly of the Commonwealth of Kentucky's biennial budget.

According to the Waterfront Development Corporation, on Tuesday they learned of the cuts which will eliminate $420,800 from the park's annual budget of $2,362,300.

After learning of the cuts the Waterfront Development Corporation made the decision to cancel the Waterfront Independence Festival, a free community event held on July 3 and 4. The also chose to scale back a six day event in October that coordinated with the Belle of Louisville's 100th birthday called the Centennial Festival of Riverboats.

In a press release WDC President David Karem said, "We had no indication that the long partnership that we had with the state on our park was in jeopardy. We will assess all options to adapt to this fiscal shock."

WDC said they will continue to focus on maintaining the park in addition to working to expand events with high economic impacts including Forecastle Festival, Ironman Triathlon, Kentucky Derby Festival and Waterfront Wednesday's concert series.

Copyright 2014 WAVE 3 News. All rights reserved.