The Edinburgh Festivals' Cavalcade has been cancelled this year after its director stepped down.
The event, which showcases events at the Fringe and International Festival, has been running in the capital since 1976.
David Todd, who has been at the helm for seven years, said he left due to "increasing commitments elsewhere".
Now plans are under way to organise holding the event next year, using this year's funds to finance it.
Edinburgh City Council had already approved a £48,233 grant from its budget for this year, which will now be kept for next year's cavalcade.
The route was moved from Princes Street to Holyrood Park over the last two years due to tram works in the city centre.
Mr Todd said: "The cavalcade has been a great family event and has involved thousands of people over the years.
"I feel it is time for a complete re-think, but sadly I am not in a position to undertake this work myself, due to other commitments which are taking up more and more of my time.
"However, I am confident that a fresh look may create a wonderful new event for 2012 which will continue to enhance Edinburgh's international reputation as a premier festival and events city."
Steve Cardownie, Edinburgh City Council's festivals and events champion, said: "David Todd has done an absolutely sterling job at the helm of the cavalcade over recent years.
"Obviously we are all very sorry to see David go, but we fully understand his reasons for stepping down.
"On behalf of everyone at the council who has worked with David, I would like to take this opportunity to thank him for his tireless work in delivering this popular event year after year and to wish him the very best for all his future endeavours.
"We have all agreed that we should now take the opportunity to fully review the event.
"We and our partners are already committing our energies to 2012, when we expect to best showcase the world's festivals city."