It comes after fears the event may be cancelled due to insufficient backing.

Council has supported a New Year’s Eve event for the past five years to the value of $45,000 each year.

However, 2017 Wagga Skyworks organiser Daniel Martelozzo said earlier this month more funding would be required to maintain the family event, saying council “ideally” should increase their funding.

Mr Martelozzo last week entered into discussions with council staff, including general manager Peter Thompson and community director Janice Summerhayes.

Following these negotiations, council staff have proposed to offer a $50,000 grant to Thomas Bros Group to assist in their delivery of the December 31 event.

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The $50,000 sum is less than Mr Martelozzo initially claimed was required to keep the event alive, yet provisional changes to naming rights and sponsorship could be Skyworks’ saving grace.

‘We’re pretty happy with the sum offered by council now,” Mr Martelozzo said.

“It will all be going towards improving the quality of the fireworks and making Skyworks even more of a spectacle.

“There is also scope for us to find naming sponsors, which was something we were unaware of last year.

If councillors approve the $50,000 contribution during next week’s ordinary council meeting, Mr Martelozzo will also consider expressions of interest of a major naming rights sponsor.

“The benefits of a major sponsor would be considerable,” he said.

“Opening up to a naming rights partner could inject even more money into this event, making it better for community members.”

Mr Martelozzo said some businesses and franchises had already expressed interest in joining as a major naming rights sponsors, but said naming rights would be subject to offers.

“If we were to do have a naming rights sponsor, there would be a considerable amount of advertising and exposure,” he said.

“Therefore the contribution would have to match that.”