Committee member Karyn Grealy said mounting challenges with liquor licensing, grants and security requirements led to the difficult decision.
“Securing a liquor licence has become increasingly complex due to updated rules and regulations,” she said.
“We missed out on a few grants last year, but we were lucky enough that our amazing local businesses stepped up and supported us in a huge way.
“But we can’t continue to rely on them. Things are getting expensive.”
The rising costs associated with running the event, along with a shortfall in grant funding, contributed to the cancellation.
In a statement, the committee said that despite the challenges, the past three years of running the event had been an “absolute joy” and a source of pride.
Ms Grealy said there were many tough conversations between the volunteers before they made the announcement last week.
“We really enjoyed being a part of the committee and bringing this amazing event to our town,” she said.
“It was all worth it for the town, and the support was incredible, but in the end, we just had to make the call.”
While next year’s event has been cancelled, there is a possibility of Tastes and Tunes returning in 2027.
Ms Grealy said there had been a positive response to communications sent to those involved in past events following the cancellation.
“Who knows what the future holds. Our response has been amazing to the comms we’ve sent out to all our valued volunteers, sponsors and vendors,” she said.
“Everyone’s hoping it’s going to be back in 2027. We’re not going to say it’s not, but there’s absolutely no promises at this stage.”
The committee has called for more hands on deck to make future events a reality.
People experienced with and passionate about community events looking to get involved can email kyabramtastesandtunes@hotmail.com