SACRAMENTO, Calif. -- Tough economic times are being blamed for the cancellation of Sacramento's annual Santa Parade, an institution that traditionally draws thousands of children of all ages to downtown streets.

The event, which usually features Santa Claus and his wife, was originally set to take place along downtown streets on Nov. 29.

Laurie Hensley, organizer of the event, said the celebration is being dropped because of a lack of sponsors and advertising.

The decision marks the first time in 26 years that the event will not take place.

Organizers said they are $15,000 to $20,000 short. The event is organized privately.

Officials offered a glimmer of hope that the event could take place if enough money was raised Thursday, but after that point it would be too late.

The cancellation is expected to take place this year only. Officials are hoping the event will return next year.