TEMPE, AZ (3TV/CBS 5) -- Due to the future of COVID-19 remaining uncertain, it was confirmed on Thursday that The City of Tempe and the Kiwanis Club of Tempe decided to cancel the planning for the annual July 4th Tempe Town Lake Festival.

In a time of financial unknowns, longtime business affiliates who sponsor the event have not been able to commit, a City spokesperson said. And whether or not social distancing guidelines will be lifted once July gets here, is also not clear.

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“Safety is everyone’s first priority, and I am grateful that our community is taking stay-at-home orders very seriously,” said Tempe Mayor Mark Mitchell in a released statement. “The City and the Kiwanis Club of Tempe have a solid and longstanding partnership, and, without a doubt, we will be back in full force next year to truly celebrate our independence.”

For 68 years, the Kiwanis Club of Tempe has arranged the Independence Day celebration. It can gather roughly 100,000 people in Tempe Beach Park and around Tempe Town Lake. The biggest feature of the event is the 35-minute firework display. Kiwanis gives proceeds to local charities helping kids.

An alternative event will be in consideration if it can go by the safety guidelines. A decision on this will be announced in weeks to come.