After recording three consecutive losses and owing more than $80,000 to creditors, there was some uncertainty earlier this year about whether the festival would continue.
The event was technically insolvent and was "dead on the table" but capable of being resuscitated, the festival chairman at that time, Tim Cadogan, said at the committee's annual meeting in March.
The following week more than 350 people attended a public meeting to gauge support for the event and the Vincent Community Board later agreed to cover the 2009 festival losses.
Board chairwoman Clair Higginson stepped in to chair the festival committee, after two chairmen resigned within a matter of months.
Festival manager Martin McPherson, also a member of the Vincent board, told the board meeting yesterday that everything was "back on track" and there was a continued groundswell of support from the community around Alexandra.
This year's budget was $268,000, which was $100,000 lower than last year's figure.
"It's currently projected to show a surplus, albeit small . . . we're not budgeting to run at a loss," Mr McPherson said.
Ms Higginson said the committee was yet to find out the outcome of applications for funding, so would finalise the budget when it knew if those applications were successful.
Central Otago District Council's chief executive Phil Melhopt said when the board gave its grant to the festival committee, it asked for a financial report and he suggested a progress report be presented at the board's August meeting.
"Judging by the amount of interest there has been in this, I think that would appropriate," Mr Melhopt said.
Before the meeting, Mr McPherson said a resurgence of interest in the festival should result in a bigger and brighter float procession this year.
Several new groups had shown their support for the festival through entering floats in the feature event for the first time.
So far, five groups have entered floats in the procession being staged on September 25, but he expected many more before entries closed on July 31.
"With the uncertainty about the festival's future earlier in the year, I think people got a fright when they thought it might not continue and now they are rallying to show support, which is great."
"There is renewed interest in the festival and I'm confident there will be more floats in this year's procession than for a number of years."
The festival would begin on September 24 and conclude on October 9, with the procession traditionally drawing the biggest crowd.
Entry forms and details of the subsidies and help available to float-builders are available on the festival website: www.blossom.co.nz
