Birmingham's Fireworks Fantasia is set to be axed following concerns that it is not providing value for money.
The city council's leisure chief has also scrapped this year's Discovery Day, which will now take place every two years.
Councillor John Alden, cabinet member for leisure, sport and culture, said the city's day of educational and cultural exploration is to made bi-annual to help inject "fresh ideas" into the event.
However, Fireworks Fantasia faces the axe because the £250,000 cost of last year's 'Birmingham Remembers' VE Day 60th anniversary event represented a £15 subsidy for each of the 15,000 people who attended.
Coun Alden (Con Harborne) said much of the cost of the Cannon Hill Park spectacular was previously met by local radio station BRMB, which hosted its Party in the Park event earlier in the day.
However, BRMB has subsequently dropped its event, which would land the council with a massive bill for this year's Fireworks Fantasia.
Coun Alden said he was disappointed that far less than the expected 25,000 people attended last year's event.
Coun Alden said the council intended to concentrate much of this summer's events programme on the T-Mobile sponsored Fan Park, located next to Millennium Point.
More than 3,000 fans - each of them paying £3.50 - are expected to watch World Cup matches on a 60-square metre screen at the site.
A decision to axe this year's Discovery Day was taken after concerns were raised that the event was becoming "stale".