Alexandra's Daphne Hull, who served for seven years as Blossom Festival chairwoman, says she would be devastated if the festival folded and has urged the Vincent Community Board to come to the rescue.
Mrs Hull chaired the festival from 1996-2002 and was Alexandra Community Board chairwoman and Central Otago deputy mayor for some of that time.
She said yesterday it was unrealistic to "turn the clock back", but the festival had "a life and a future" and needed the support of the board and community.
Asked by the Otago Daily Times to comment on the current financial woes of the festival, Mrs Hull said she was unaware of the details so preferred not to offer any opinion.
In her time on the committee, most of the work for the festival was done by volunteers "and everyone did everything for nothing, and groups at the festival gave money back to help run the event".
"You can't go back though, and expecting people to do everything for nothing these days is unrealistic.
"Going back to that wouldn't work, but the concern must be not planning a festival that goes beyond what we can afford as a community."
Although the float parade was expensive to run, it was a huge part of the festival and it was worth using income from other festival activities to cover the traditional crowd-pleaser.
As leaders, the community board should take the initiative and ensure the festival continued, Mrs Hull said.
"They can't sit back and leave it for others.
"They need to look at the long-term effect there would be on the community if this event didn't continue after 53 years.
"It would be like the heart was ripped out of the community."
Funding from the board that was earmarked for promotions could perhaps be diverted to the festival this year, she said.
The festival was important to the wider community, not just to Alexandra, and should be retained for the good of the community, she said.