Port Fairy's iconic Moyneyana Festival remains in doubt as organisers lament the lack of certainty around future COVID-19 restrictions.
Moyneyana Festival president Neil Hedger said plans were on hold for the event, which traditionally begins on Christmas Eve.
"We are staying hopeful but we are still in limbo," Mr Hedger said.
"We haven't booked our entertainment yet, we are looking at the roadmap forward and seeing what that says.
"There is also the chance of snap lockdowns going forward which could mean having to cancel at the last minute any plans that may be in place."
If it were to go ahead in 2021-22, it would be the 74th staging of the Moyneyana Festival.
The 2020-21 version was a scaled back one, with the New Year's Eve fireworks the only big ticket event that went ahead.
The festival's signature street parade on the same night was cancelled due to COVID-19 restrictions, and Mr Hedger said this event was not over the line yet for a return this year.
"The parade attracts between 10,000 and 15,000 people who gather around four blocks," Mr Hedger said.
"It is a public space but the roads are closed off so the crowd would have to be in line with any restrictions.
"Meeting those restrictions and having the manpower to make sure they are followed would be a big task.
"The Lions club has put up its hand to help us out if the parade goes ahead.
"Courtney Smith is leading the creative side of organising the parade and is really keen but it is still a bit of a wait and see."
The Moyneyana Festival began as a fundraiser for the Port Fairy Hospital and is credited for attracting many young families to the town for their annual summer holidays.
Its longevity has Moyneyana as the longest running festival in Victoria.