The 2009 Blossom Festival chairman, Steve Battrick, has declined to debate the festival's financial woes through the media but says he is happy to discuss the matter "one on one" with anyone.
Mr Battrick resigned from the committee in January, as did treasurer Leo Hulme.
During his time as chairman, the event made losses for three successive years, totalling more than $134,000.
The financial statements tabled at this week's festival committee annual meeting revealed the festival was insolvent and the 2009 festival owed $81,920 to creditors.
Mr Battrick read a statement to the meeting on Monday night and when approached by the Otago Daily Times to elaborate on his comments, he declined.
"I don't think it serves any constructive purpose to debate this through the media, but I'm happy to have a one on one discussion with any person who wishes to talk it over with me," he said yesterday.
In his earlier statement, he said the committee required and expected a cash surplus or at the very least a "break even" result from the 2009 festival.
"Clearly, the resulting deficit is both concerning and, in my view, completely unacceptable."
His resignation came after the committee had discussed, in private, the future management of the festival, he said.
The decision made by the committee would have compromised his role as chairman so he had no choice but to resign.
"Having committed many years to various aspects of festival activities, the latter three as chairman, I have found the need to take this action disappointing in the extreme," Mr Battrick said.
For the continued viability of the festival, it was important for decisions on the event's finances made by the committee earlier this year to be implemented, he said.
The decisions were all recommendations of Mr Hulme, and had been adopted by the committee.
They related to the way the festival's goods and services contracts were governed and included a review of the financial reports.
Asked by the ODT if as chairman he felt partly responsible for the financial problems, Mr Battrick declined to comment.
