The Downtown Club announced Monday that it was canceling its Fiesta Carnival de Los Niños, saying that it is a financial risk due to falling attendance at other events.

Downtown Club, or Downtown Boys & Girls Club, located at 632 E Canon Perdido St., was set to host the carnival during the city’s annual Old Spanish Days Fiesta. Old Spanish Days will be held this year between July 30 and Aug. 3.

Mark Alvarado, the executive director of the Downtown Club, said they canceled the event due to concerns of dwindling attendance. He pointed to lower attendance at the Fourth of July event in Santa Barbara, the carnival in Carpinteria, and other local activities as reasons for concern.

“We just kind of felt like there were indications out there that folks are not gathering right now for whatever reason,” Alvarado said. “And, so, we just thought it’s better not to risk such a financial investment and not get a return as a nonprofit organization seeking a fundraising opportunity.”

Alvarado said that the cost of an event like the carnival is $25,000, and they would be required to provide food, entertainment, and security. He added that this is the first time the organization has organized an event of this scale.

“There’s just a lot that goes into this, and we just didn’t want to get caught flat-footed on this thing,” he said.

He added that the decision not to fund the event will allow the Downtown Club to invest in its other programs. The organization offers different summer camp programs that focus on sports, technology, dancing, and more.

The Downtown Club also runs a nutrition program that serves breakfast and lunch during the summer, which Alvarado says has been impacted by national cuts to nutrition programs.

The funds that would have been used for the carnival will now be used to continue funding these programs instead.

“I just want the community to know that…we’ll bounce back. We’ll get through this. It’s a hard time for everybody and there will be brighter days ahead,” Alvarado said.