Published: Apr 18, 2014 8:50 PM EDT
Updated: Apr 19, 2014 5:39 AM EDT

CAPE CORAL, Fal. -- It's your money, and WINK News is learning thousands of it could be used to save one of southwest Florida's most popular events.

WINK News has been telling you Red White & Boom, the Fourth of July celebration in Cape Coral, is facing severe financial problems, and may be cancelled.

But help could be on the way in the form of a city takeover. Tens of thousands of people show up to the south Cape every year for the event. WINK News discovered city documents that outline a plan to save the tradition and make the skies light up again.

"We're known for the Red White & Boom celebration. It's big, it's huge!" said city spokeswoman Connie Barron. 

Red White & Boom might not be a bust after all. The city of Cape Coral, more specifically, its Parks and Recreation Department, is talking about taking over, after the Chamber of Commerce couldn't find a sponsor. 

"It's good for the city to do. A lot of people would miss if if they didn't go every year," said one resident. 

WINK News is uncovering the city already contributes $50,000 a year to the event for safety, security and fireworks.  Barron tells WINK News this new plan won't cost any additional taxpayer money.

"We do not anticipate having to put any more into this program beyond what we already put in, in the past," she said. 

Despite that, there are some who are skeptical. "They don't know how to manage their own money now, so why should we give them more, you know?" said Drew 

If the city takes over, it will have to get liability insurance, and there could be other costs.But it's prepared for that as well, by raising money from outside sources. "Our goal is to offset any additional cost that the city may have by bringing on vendors and sponsors," said Barron.

"I think it's very patriotic. and I'm a patriotic guy," said Tony Cricco, who approves of the city taking over the event.  "I think if they get enough money, you know from sponsors and stuff it's ok."

The future of Red White & Boom will be discussed at Cape Coral's council meeting this Monday. 

Count on WINK News to let you know what happens.