Edmonton's First Night Festival may be history. The popular New Year's Eve event has been having financial problems for the past couple of years.

The board's president, Frank Saulnier, says the festival needs over $200,000. He adds that it has never been funded by any level of government.

Saulnier says in the past, 40 per cent of its money has come from admission sales and the rest from fundraising. But corporate donations are slowly disappearing.

At a board meeting Saturday, directors agreed to postpone a decision on the event's future until some last minute ideas are investigated.

Saulnier says a decision on the event's future will be announced by Thursday.