A massive annual street party has been cancelled due to lack of funding, the Vancouver Pride Society says.

In a statement Wednesday, VPS said there isn't enough money to cover the costs of the Davie Street Party. The event comes with a $79,500 price tag, VPS said, nearly half of which is used to cover the costs of policing, security and traffic management.

Still recovering from a 2017 deficit, VPS would need a "substantial amount" of financial help to put on the party.

The society consulted with the City of Vancouver earlier in the year with hopes of finding a way to reduce costs, but found no solution. VPS said it will work with sponsors and the city bring the party back to Davie Street next year.