Suffolk Pride has been cancelled because organisers have not been able to raise the funds to hold it.
The event, which began in 2009, was to be held on Saturday June 18th.
Chairman Rod Flory said last year’s festival cost £14,000 to stage but the money could not be found this year.
He told PinkNews.co.uk: “Most of the funds for last year came from public grants but they’re just not available this year. The money’s not there any more.
“We’re not blaming anyone. It’s just the way things are right now.
“We decided last week to cancel it and concentrate almost immediately on next year’s event.”
He said organisers would be looking towards the private sector for support for 2012’s event, although he conceded that Suffolk has few gay businesses, compared to areas like Brighton and London.
Mr Flory rejected suggestions that Suffolk Pride could charge visitors an entry fee, like Brighton Pride plans to.
“It will stay free,” he said. “There is no way on earth we would charge.”
There will be no event to replace Suffolk Pride, although Norwich Pride is still set to go ahead.
Mr Flory said: “Last year’s event was very successful. We don’t want to do something mediocre this year.
“We want to leave them on a high from last year and come back in 2012 to hit them with a really strong event.”