CARMEL, Ind. -- The city of Carmel is looking for new ways to help pay for its popular Christkindlmarkt, as it reprioritizes city spending. Mayor Sue Finkam said the city has spent roughly $8.3 million since 2017 helping put on the annual holiday market. DRIVEN NeuroRecovery now open in Carmel The city is now looking to re-coup costs for this year's event, estimated at $1.5 million, as Finkam said that money could be better spent elsewhere.   "I think it should be a partnership financially and now is the time we need to take a crucial look at that," said Finkam. The holiday market is operated by a non-profit but the city pays for things like setup and safety. "We believe that we should absolutely set up the market because it's our property and our market," said Finkam. "However, then we should ask the market to use its operating revenues to pay for the other expenses for the operation of the market." Finkam said the city has never attempted to re-coup costs from years past. But this year, she said a new framework needs to be put in place. "The city has a lot of different pressing needs, especially in this climate right now where money is tight, property taxes are higher, expenses are higher, we want to put that to police, fire and infrastructure, whenever possible without harming the market," said Finkam. Now, Finkam is forming an advisory board of community members. Executive board members have been appointed to consider financial and staffing resources for the event and how revenue can go toward the market and other city needs. Finkam said this will not affect the visitor experience. "Maria Rosenfeld has run this expertly and we want to make sure that that continues," said Finkam. "However, I ran on a platform of fiscal responsibility, and this is what I want taxpayers to see that I'm taking that promise seriously." FOX59/CBS4 spoke to Maria Rosenfeld, the president and CEO of Carmel's Christkindlmarkt. She said just last year, the market brought with it more than $23 million in economic impact for Hamilton County restaurants, businesses and hotels.  She said she's still processing the news. "My board and I are still regrouping from it. We just found out about this restructuring today [Thursday] and we are still processing the implications of it," said Rosenfeld. "We have been working through the new financial arrangement with the city of Carmel with the goal of becoming self-sustaining with Mayor Finkam, with the Carmel City Council since the beginning of this year. And I think it’s going to need to take time, and people coming to the table to really find out how we can move forward together.” And with only 45 days until the event kicks off, Rosenfeld hopes both sides can come to a resolution. Control of Carmel Clay Board at stake in November election "Not only for the financial piece, but the many, many aspects that this arrangement would impact for the market. It is a very multi-faceted situation. And there are a lot of issues that need to be addressed and worked through so both parties can come out in a healthy way," said Rosenfeld. "At the end of the day, we want an amazing Christkindlmarkt, that best one that has ever happened." For more information on Mayor Finkam's changes to funding for Christkindlmarkt, click here.