Photo by k9rescue

This post has been updated

Much like the Capital Pride Parade and the Fourth of July Palisades Parade (to name a few), the annual Caribbean Carnival Parade down Georgia Avenue NW is something of a D.C. institution. But mounting debt and lingering concerns over violence at last year’s parade may force organizers to cancel this year’s festivities, which were set to take place on June 23 and 24.

The City Paper reports that parade organizers are still in debt from years past, owing the city over $200,000 for overtime police protection and other costs. Unlike in the past, though, Mayor Vince Gray’s administration does not seem inclined to extend any financial support to the parade:

“Unless someone is able to wave a magic wand in the next 24 hours, there will be no parade on Georgia Avenue,” [parade president Ronald] Barnes said mournfully. “The reality of the last few years was that donations and sponsorships were in one direction, and costs were in another direction.”

The parade has been carrying debt from at least 2010, and was forced to run along a shorter route last year to cut down on costs. While the parade, which started in 1993, used to be able to proceed for free, in recent years city officials have been reluctant to fund the costs of shutting down a major artery for the better part of an entire day.

According to the Examiner, plenty of parades and large events have received funds from the city over the years, but maybe none more than the Caribbean Parade. In 2010, it received $176,000 in city funds; by comparison, the Capital Pride parade received $28,000. (That same year, the SunTrust National Marathon had its hefty police bill of close to $500,000 waived.) This year, D.C. is kicking in $240,000 for a parade next week celebrating the 150th anniversary of D.C. Emancipation Day.

The news certainly won’t make many people happy, least of all councilmembers Jim Graham (D-Ward 1) and Muriel Bowser (D-Ward 4), whose wards share parts of the route. (Bowser was unavailable for comment today.) A recent Howard University study found that the parade was good for local businesses.

Still, the parade’s reputation took a hit last year when a fight caught on video and a late-afternoon shooting marred the otherwise peaceful festivities.

UPDATE, 2:30 p.m.: Good news—organizers are working with Councilmember Muriel Bowser’s (D-Ward 4) office on finding a new location for the festival and parade. More here.