New Year’s Eve revelers are welcome to gather in downtown Vancouver on Wednesday night, but they shouldn’t hold their breath for fireworks or a countdown clock.

That’s because the first large-scale New Year’s Eve party planned in Vancouver for years was called off due to a lack of funding, ensuring the “No-Fun City” reputation will last at least into 2015.

Organizers at the Vancouver New Year’s Eve Celebration Society said they fell about $100,000 short of their $300,000 fundraising goal, but they’re still hoping to throw a bash next Dec. 31.

City councillor George Affleck said it’s a shame Vancouverites will have to wait yet another year to celebrate the way cities around the world do.

“Halifax, Toronto, Montreal, even Victoria, they hold downtown celebrations and we are not holding anything formal in any way in Vancouver, and to me that’s embarrassing,” Affleck said.

“As a major city we should be doing a good party downtown. We can do it, we’ve proven it with the Grey Cup, let’s do it on New Year’s Eve now.”

The free event, which was announced last December, was going to take place at Jack Poole Plaza and involve fireworks, live music and entertainment, food carts, exhibits, and a lighting of the Olympic Cauldron.

Affleck said the city could do a lot to help ensure it happens next year, including offsetting policing costs.

People looking for another free event can check out the annual family-friendly celebration at Robson Square, where there’ll be ice skating, a DJ, and a countdown at 9 p.m. so kids can go to bed early.

With a report from CTV Vancouver’s Nafeesa Karim