RiZE festival will not happen in 2019.
Festival Republic, who run the festival, have postponed the event held in Hylands Park, Chelmsford.
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Chelmsford City Council said that RiZE is likely to return in 2020. If’s held next year, this would result in a temporary £292,000 loss in income for this upcoming financial year, which will be filled with money from reserves.
The leader of Chelmsford City Council, Cllr Roy Whitehead, told EssexLive: “V turned into Rize which wasn’t widely successful last year.
“It is a loss of considerable income. It is roughly £500,000 a year which we have to find.”
The council, which admitted that it doesn’t have any control of the content of the event and acts as a hiring venue, has also lost £38,000 on ticket sales commission.
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Whitehead added: “We are raising money from other directions and increasing income in other ways to make sure we have a balanced budget.
“It is a huge hole in the council finances all of which we can fill with good management. We are optimistic for the year ahead.”
Chelmsford City Council is considering organising its own event held in Hylands Park this year.