A 10-member board voted unanimously to dissolve the annual celebration in downtown Stockton, which featured live music, deep-fried asparagus and an asparagus-eating competition.
Attendance reportedly dropped by nearly half this year, dropping from 104,000 to 55,000.
The Asparagus Festival raised thousands of dollars each year for local charities like the United Way.
“Without any fault of their own, they faced circumstances way beyond their control,” United Way of San Joaquin CEO Andy Prokop told the Record newspaper. “That caused them to make one of the most difficult decisions they could make, which is to discontinue their service to our community’s most needy.”