The dates are already in the diary for this year’s Fuse Festival, but the fun could all be over as the council plans to cut funding.

The festival has become a firm favourite among families; with colourful parades, street art, comedy, theatre and dance taking place in Rochester, Chatham and Gillingham town centres each summer.

But in Medway Council’s proposed budget for 2015/2016, there are plans to make a saving of £115,000 by axing the event.

An online petition, set up by Rochester resident, Tony Scudder, has gained nearly 500 signatures within a few days of it being launched.

Mr Scudder said: "The Fuse Festival is the best free entertainment and community-bonding event I have experienced in Medway.

"Over the last few years, the Fuse Festival has grown hugely in stature and regard, and I truly felt that it would become a jewel in Medway's crown, something that seemed to be heading for national recognition before the end of the decade."

A council spokesman said: "This year the council has had to make significant budget savings of £12million and councillors have a series of very difficult decisions to make to balance the budget.

"The scale of the financial challenge facing the council means some very unpalatable proposals have to be considered and, the proposal to stop Fuse, is clearly one of them. The overall budget for FUSE is £215,000, which is more than twice that for any other event in the Festival programme.

"We have been informed that similar austerity measures have affected the Arts Council, which has – with equal regret – had to withdraw completely the £100,000 grant it has made annually to FUSE.

"Much of the council’s current expenditure is on services it is legally obliged to provide, such as childcare, education and services to vulnerable older people, and the council must always protect these front line services.

"We are hopeful that in the future we can develop our festivals, such as the River Festival where there is a strong arts content, and the Arts Council has made clear its desire to work with us in 2016/17 and beyond."

Local writer Sarah Hehir said: “Fuse has become part of the cultural identity of the Medway Towns. It is a festival of unusual, accessible and innovative performing arts that is free to everyone and on our streets.

“It’s reputation is growing nationally and internationally; cutting it feels short-sighted, unimaginative and mean.”

Mrs Hehir has set up a Facebook page, Save the Fuse Festival, which already has nearly 900 likes.

Riven Gray, a local artist and teacher, has worked on various projects at the festival for the past two years.

She said: “To cancel the festival would be a kick in the teeth for the local arts community and the community in general.”

The council’s final budget will be set on Thursday, February 26.