While this year's Thanksgiving Day Parade may have been spared, Houston's popular New Year's Eve Live event has been canceled due to funding issues.

Word of the cancelation first surfaced Friday morning with a note on the events calendar run by the Downtown District management group, which sponsored the last two New Year's gatherings along with the City of Houston, the Greater Houston Convention & Visitors Bureau and Houston First.

City of Houston spokesperson Janice Evans confirms for CultureMap via email that the $500,000 event was canceled "due to a lack of funding," but offers few other specifics.

"We know it is an event that Houstonians have enjoyed the last two years," she writes. "We just were unable to secure the necessary sponsorships for this year. Several companies are discussing the possibility of providing the financial underwriting to bring it back in 2014.

"We remain hopeful those discussions will be successful."

Downtown District communications director Angie Bertinot tells CultureMap her organization posted the cancelation as soon as they were told it was getting called off by the City.

"This is a terrific event and I understand it's been a difficult decision," she says. "We're crossing our fingers that it can continue next year."

The annual New Year's event launched at Discovery Green on Dec. 31, 2010 as Gloworama — a family-friendly (and corporate-sponsored) bash including an art car parade, fireworks and live music performances. The event changed to its name to New Year's Eve Live for the last two celebrations, both of which were organized and funded under the auspices of City of Houston and its aforementioned trio of partners.

Those looking for some downtown fun still have the Thanksgiving Day Parade thanks to a last minute save primarily led by H-E-B with assistance from the Houston Arts Alliance and the nonprofit civic improvement group Central Houston.