They say the economic downturn is requiring every non-essential expense to be scrutinized.
City Manager J. Russell Allen says the $150,000 to $180,000 that the City averages on spending for the event needs to be saved.
This would have been the sixth year of the celebration.
Raleigh Wide Open kicked off in July 2006 when traffic flow re-opened to Fayetteville Street.
In Sept. 2008, Raleigh Wide Open 3 was a salute to the opening of the Raleigh Convention Center. And in October of the following year, the celebration marked the dedication of City Plaza.
Raleigh Wide Open 5 in July of last year cheered the arrival of the Raleigh Amphitheater in Downtown.
The City Manager says that the lack of a specific reason to celebrate this year, plus the mid-winter blow out added to his decision to cancel the event.