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TOKYO -- The city government of Yubari, a ski resort town on Japan's northernmost main island of Hokkaido, has decided to stop sponsoring the Yubari Fantastic Film Festival, Yubari mayor Kenji Goto announced at a city council meeting on July 28. The reason given was the city's own troubled finances, which have resulted in a court filing for reorganization.

Held annually since 1990, the fest relied on a Y65 million ($570,175) subsidy from the city government to cover its Y100 million ($877,200) operating expenses. Minus this coin, the fest will not be able to hold its 17th edition in February.

Under the aegis of programming director Tokitoshi Shota, the fest became known nationally and internationally for its innovative and entertaining mix of cult and popular films, including the entries in its Official Competition and Young Fantastic competition for young filmmakers. It was also a showcase for major Hollywood titles, including this year's opening film, "The Chronicles of Narnia," and closing film, "The Producers."

The list of domestic and foreign guests was long and impressive, including Quentin Tarantino, who blurbed Yubari as "the most beautiful place in the world," and Wes Craven who called it the "best place to discover the true heart of the Japanese people."