Coney Island's famous Mermaid Parade will celebrate it's 35th anniversary in June, but financial struggles are threatening to drain the fun out of the party.

Dick Zigul created the fishy festival, and says expenses are running high. The Feed the Mermaids fundraiser was created to help fund the rising costs of staffing, insurance and artist dressing rooms.

"We are close to $7,000 at this point," Zigul says. "Fifty thousand is only half the cost of the parade, which costs six figures."

Organizers say the parade will march on June 17 if the $50,000 goal isn't met, but the funds will help pay off years of debt and operating costs as the event keeps growing in popularity.