Funding to repair Martyrs' Memorial in Oxford, is being sought urgently.
Last month, it was revealed that one of the city's most famous landmarks, in St Giles, is crumbling and in need of urgent repair.
Conservation officer Nick Worl ledge said it would cost £100,000 to repair the Victorian statue, which is fenced off to ensure passers-by are not hit by falling masonry.
Oxford City Council took responsibility for the statue in 1969, but is currently facing budget cuts of £3.8m and cannot make the repair work a priority.
Instead, potential funding sources will be discussed tomorrow at the planning committee meeting.
Chairman Cllr John Goddard said: "I don't believe at present there is any risk to public safety and because of the position the council is in it is difficult to make these repairs a matter of urgency.
"Nor can we sit and do nothing for ever. We are approaching a number of different organisations for donations, including the Landfill Tax Credit Fund, the Heritage Lottery Fund and English Heritage.
"I would urge some neighbours of Martyrs' Memorial, including St John's College and the Randolph Hotel to contribute.
Dr Martin Henig, of Oxford University's Institute of Archaeology, has urged the council to act fast to stop the memorial from deteriorating further.
The monument commemorates the death of bishops Latimer, Ridley and Cranmer, who were burned at the stake in Broad Street in 1555 and 1556 on the orders of Catholic Queen Mary because they would not renounce their Protestant beliefs.
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