EDMONTON -- The City of Red Deer has agreed to help ensure that Westerner Park can continue to serve the community.

Westerner Park will now be subject to financial oversight by the city.

The non-profit organization and agriculture society requested the support, citing financial pressures. 

"The City will be working with Westerner Park to re-establish viable and sustainable business practices to stabilize the financial situation," Mayor Tara Veer said in a written release. "We will maintain financial oversight until we are certain of financial stability."

According to the city, Westerner Park helps drive more than $150 million in economic activity for the region each year. Events include trade shows, concerts, hockey games and agricultural event.

The non-profit said the decision to expand the facility in 2018, the current economy and some major event contract negotiations have all led to the instability.

Scheduled events are expected to continue as planned, but contracts will be reviewed and the city is planning an in-depth audit.

"We have already taken a number of steps to reduce financial pressures," CEO Mike Olesen said. "I am confident, we as an organization, will overcome these challenges, continuing to serve the citizens who will live, work and play here for decades to come."