For half a century thousands have lined the streets of the city to welcome the new Lord Mayor, but in recent years the event has suffered a series of blows.

In 2006 the Lord Mayor's parade was cancelled because of the St Stephen's development and concerns it would add to the congestion already choking the city.

It suffered a further blow last year when the event was cancelled again because of the widespread flooding.

The event – which costs the taxpayer around £12,000 – was held in May instead, but only 28 floats took part, sparking calls for a review.

The council's civic committee meets later this month to decide whether to hold the event in June following the Mayor's election, or in May at the end of the civic year. They will also decide whether the Civic Office should continue organising the event.

Like many other public events up and down the country the parade has suffered the impact of mounting health and safety legislation and floats have struggled to fulfil requirements, leading some to drop out at the eleventh hour.

Spiralling insurance costs are another problem with individuals having to get their own insurance.

However, there is still appetite for the event and the report says the current Lord Mayor Elaine Garland is due to have a parade followed by the traditional gala in East Park on Saturday, May 16.

It adds: "However, a decision needs to be made whether this event will be held permanently at the end of the civic year, rather than at the beginning."

The committee's chairman Yvonne Uzzell said they didn't want the event to disappear. The biggest problem was when to hold it as two couldn't be held in one year. She said: "I always thought the Lord Mayor's parade was to introduce the first citizen of Hull to the people but then if you do it at the end you can say this is what they have done and how much they have raised for charities. Both have their merits."

Coun Brenda Petch, last year's mayor, said whatever happened the Lord Mayor's parade should continue. She said: "My view is it has to go ahead. The people love their Lord Mayor's parade they really do."