(WHAS11) -- There is an update to the future for the Waterfront Development Corporation.
According to the Louisville Courier-Journal, the agency has been cutting expenses and trying to find other sources for money.
It comes after some $420,000 was slashed by the State of Kentucky.
We're told the agency has found 200,000 in savings by eliminating the Fourth of July event, freezing salaries and reducing spending on maintenance, travel and entertainment.
They have one more month to finalize their budget.
Layoffs are said to be a last resort.