03/02/2016 02:43 EST | Updated 03/02/2016 02:59 EST

Squamish Valley Music Festival Cancelled

The Squamish Valley Music Festival has been cancelled this year, organizers announced this morning.

"We have made the extremely difficult decision to not proceed with the 2016 festival, due to take place in August," reads the event's website.

"This decision was not made lightly and we sincerely apologize to all the people this decision affects: the fans, artists, industry partners, corporate partners, suppliers and all of our supporters within the community of Squamish."

Last year's festival smashed attendance records, with 118,000 people flocking to the community for the weekend.

In a statement Wednesday, Mayor Patricia Heintzman said the cancellation was extremely disappointing.

"Squamish Fest has helped our town transition to a place that has been recognized on ‘best of’ lists in A-list publications. It has become part of the tapestry of our town, and has given our community a great sense of pride ... We have played host to the world, and it has been a great honour.”

Officials haven't specified whether the festival will return in 2017.

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Squamish Valley Music Festival 2015