Banbury's Christmas Lights festival may be axed after Cherwell District Council withdrew its support.
The council blamed cash shortages and staff cuts for the decision to pull out.
Ian Davies, head of the council's leisure services, said his department's budget was cut by £600,000 this year.
He said: "We just do not have the key staff to service and lead events like the Christmas Lights festival."
He told the organising committee at a meeting last week: "You're on your own."
Bicester's Christmas lights festival on November 27 should not be affected.
Carol Steward, chairman of Bicester Town Council's environment committee, said: "Our festival is town council-driven and funded, so we should be all right."
But Kidlington's festival, likely to be held on December 4, could be low key compared with previous years.
Parish clerk Trish Redpath said: "We're losing officer support from the district council but Cherwell is still paying for the lights and their running costs.
The Banbury festival attracted more than 2,000 people last year.
Banbury Town Council will now consider taking over the running of the event.
Town clerk Tom Thompson has asked the district council to provide facts and figures so that he can work out the cost and draw up a risk assessment report.
The town's general services committee will decide the issue in three weeks' time.
Mr Davies said: "The organising committee must consider the options. It can take control and go ahead as planned or settle for an alternative, perhaps lesser event."
He said the district council would give a £1,000 grant to the festival and would still take responsibility for putting up the street lights.
Malcolm Douglas, a member of the organising committee, said he was shocked by the news.
He said: "There's been a 30 per cent hike in council tax and we're getting fewer services. I can't remember when Cherwell didn't run the festival."
Kieron Mallon, the district council's executive member for leisure, agreed there were fewer services.
He said: "If we do not take these measures now, there will be a greater impact next year."
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