Chicago is getting out of the Independence Day fireworks business.

There will be no city-run July 3rd or July 4th fireworks show this year — not even a scaled-down version — thanks to former Mayor Richard M. Daley’s decision to hand off the Taste of Chicago to the Park District to reverse $7 million in festival losses over the last three years.

That means Chicago’s only official fireworks will be the previously scheduled show at 9 p.m. July 4 at Navy Pier. That 15-minute show is paid for by the Metropolitan Pier and Exposition Authority.

Chicago Park District spokesperson Jessica Maxey-Faulkner said the decision to cancel even last year’s smaller fireworks at three lakefront locations was a sacrifice demanded by the economic times.