COCOA BEACH, Fla. -- Citing a downturn in the economy, Cocoa Beach officials on Wednesday announced that the city will not host a Fourth of July fireworks display this year.

Cocoa Beach city manager Charles Billias said the display, which costs up to $70,000, was too expensive.

"The barges that we've rented in the past -- we've been renting them from Jacksonville -- is anywhere from $28,000 to $30,000," Billias told WKMG-TV.

Despite offers for monetary assistance from county and area businesses, city officials said the the price tag was too steep to host the event.

Last year's fireworks display in Cocoa Beach was among the largest in Central Florida, lasting a half-hour, officials said.

Billias said a decision on next year's display would have to be made soon because it takes about a year to plan the event.