The hugely popular Halloween festival in Derry is one of the events that will be affected by the cut in funding.
There are fears for the future of a number of outdoor events which attract tens of thousands of visitors to Derry after the government department which provides funding for such events announced the money would be available next year.
The Tourism Events Fund, which falls under the remit of the Northern Ireland Tourist Board (NITB), has to date allocated funding for events such as the Walled City Tattoo, Hughes Insurance Foyle Cup, the City of Derry Jazz Festival and the hugely popular Halloween celebrations.
SDLP Foyle MP Mark Durkan has said the proposed funding cut would be a “major loss” to well-established events and organisers in Derry who worked hard to bring great rewards to the city, the community and the local economy.
The NITB has now confirmed that while funding for events was guaranteed for this financial year, which is up to March 2015, no money would be available for 2015/16.
This will result in the Halloween carnival no longer receiving the £18,000 it normally receives from the fund and Tattoo festival a deficit of £30,000 while the City of Derry Jazz and Big Band festival will also have to deal with a shortfall of £15,000.
The Maiden City Festival will also lose out on £8,750 while the Hughes Insurance Foyle Cup will also face a deficit of £15,000.
A statement issued by the NITB read: “Due to ongoing budgetary pressures across government, the Tourism Events Fund for 2015/16 will not go ahead.
“To clarify, the International Tourism Events Fund will not open to new applications and the one-year Tourism Events National sponsorship scheme will not operate for 2015/16.”
The Tourism Minister Arlene Foster said: “We are facing a very difficult financial context across the Northern Ireland block and the Executive has not yet decided budgets for departments for 2015/16.
“Given these circumstances, the Northern Ireland Tourism Board Events Fund Open Call for next year will now not go ahead.”
Mr Durkan suggested the cut to the fund could see some well established local events ceasing to exist.
“The cut of the Tourism Events Fund will hit the festival and civic calendar in Derry.
“While it gives relatively small money to events which have become quite big for us, it is key funding which is crucial to their viability.
“For many of the events affected the difference will not be just at the margins of their spending plans but at the core.
“The cumulative impact of so many well-established, well-profiled events being jeopardised will be seen as a setback not just for the groups and the sector but also for the city more widely.”
He added: “These events raise morale and offer involvement to all ages and outlooks in the city. They also draw in visitors who add to their vibrancy, generate multiplier benefits from their spend here and add to our destination reputation of their positive experience.
“This cut cannot be seen as a marginal saving in the fallout from the Executive’s budgetary stresses. It is a major loss to given events who work hard to bring great rewards to the city, the community and the economy.”
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