It's a possibility unless enough local residents put their hand up to make sure this year's event gets off the ground.

Canownindra resident and Cabonne Shire Councillor Kevin Walker is encouraging anyone interested in the future of the event which generates millions of dollars in both the Cowra and Canowindra economies to become involved.

"We need to see all sporting organisations, schools, community groups and individuals to be a part of, not only for the future of the event, but to realise the benefits the town gets from this event and the increased visitation to the region," Cr Walker said this week.

The event is planned for April but organisers have been left with a debt of $50,000 from last year.

Cabonne Shire has agreed to provide financial assistance for the event.

The organisations annual general meeting will be held at the Canowindra Services Club at 6pm on January 23.

To vote at the meeting you need to make sure you are a member. Membership forms are at The Plague and I patchwork shop in Gaskill street.