After experiencing a loss of more than $50,000 this year the Canowindra Balloon Challenge has had to go to Cabonne Shire Council to secure funding to ensure its future.
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Cabonne Shire, at its meeting yesterday, agreed to provide a $50,000 loan to the Challenge after creditors were left owing $56,000 following this year's event.
It is understood about $8,000 has since been paid to some creditors.
The organisers have told Cabonne Shire the shortfall was the result of a drop in numbers at the event's highlight, the night time balloon glow.
Only 4500 people attended this year's glow, about 2000 less than anticipated by the organisers.
Without the assistance from Cabonne, next year's event is not expected to go ahead.
In addition to attracting thousands of visitors to the town the Challenge, it is estimated, contributed more than $1.3 million to the Canowindra economy and raises funds for many Canowindra community groups and charities, including local schools, sporting clubs, the SES, CWA, St John Ambulance and Rural Fire Service.
In a report tabled at yesterday's Cabonne Council meeting, the council's community engagement and development manager noted the Council has been a major sponsor of the event since its inception nine years ago.
In that time Cabonne has provided a total of $141,000 from its Events Assistance Program, including $20,000 per year for the past five years.
"In a bid to turn around the losses of the past years, Canowindra Challenge Inc. is reviewing its expenditure and is looking at improving key aspects to the governance and operations," councillors were told.
Funds for the loan, to be repaid over five years, would be sourced from the Canowindra Town Improvement Fund with the loan to be made available after March 1, 2020 if Council is satisfied that necessary arrangements are in place to conduct the event.
