Facing the worst financial crisis of his 20-year tenure, Mayor Richard Daley plans to slash city funding for Venetian Night, a festival that his father began as mayor more than 50 years ago.

And that places the future of Chicago’s longest-running public party very much in doubt.

City officials said today they can no longer afford the $100,000 for fireworks or the $200,000 to police crowds estimated at more than 500,000.

“Operational costs exceeded the sponsorship revenue,” said Cindy Gatziolis, spokeswoman for the Mayor’s Office of Special Events.

Leaders of the Chicago Yachting Association, which organizes Venetian Night, said city officials had not informed them of the event’s demise.

Mayor’s Office of Special Events (Venetian Night webpage, already deleted…):

Venetian Night is the longest running event that the City of Chicago produces, and was once a multiple day event that featured a beauty pageant and parade on State Street in addition to the lighted boat parade and fireworks show on the waterfront.