New York, New York - Here's why New York City Pride canceled two of its biggest LGBTQ+ events ahead of the operating organization's 40th anniversary celebration and the 55th anniversary of the Stonewall Uprising.

New York City is known for being one of the biggest LGBTQ+ Pride outposts in the world with fabulous programming offered throughout the month of June.

This year, however, two of NYC Pride's flagship events have been canceled.

Most people just know the Pride March, which is still happening on June 30, but two other beloved events recently got axed from the roster.

That's right – the annual Pride Island music festival and the LGBTQ+ community leader discussion forum Pride Rally have both been canceled by Heritage of Pride, the organization that runs NYC Pride events.

Apparently, high operating costs are to blame.

"We are still very much working in a 'post' COVID environment, taking into account the impact on our community and the city," Heritage of Pride Executive Director Sandra Pérez told 1010 WINS/WCBS 880.

"The cost of doing business has risen dramatically for everyone, that is no secret. While we may receive the same level of support from partners, it simply doesn’t cover all of the expenses we incur so we've had to reexamine key events."

Pérez added that Heritage of Pride is working on yearlong LGBTQ+ programming to make up for the canceled events.

"We know from our colleagues that NY Pride is not alone – the investment in Pride organizations across the country is sorely lacking," Pérez said.

"But here is the real challenge: while we have an economic impact in our communities, that isn't reflected in the support we receive from city and state agencies and others who benefit from the work we do."

It's also possible that recent safety alerts for 2024 Pride Month events could be a factor in the decision to pare down the offerings.