Bing said both events will be eliminated in the fiscal year that begins July 1 unless officials can find private funding, The Detroit News reported. This year's Target Fireworks will be held June 25.
"The city's financial situation no longer includes the costs for these regional events," Bing said.
The city has held a Thanksgiving parade every year since 1924, while the fireworks are a 54-year-old tradition.
A number of law enforcement agencies, including Michigan State Police and several county sheriff's departments, have agreed to help police the fireworks. Detroit Police Chief Ralph Godbee said investigators have received tips about potential gang activity.
Godbee is also urging the city council to approve a curfew that would require everyone under 17 to be accompanied by an adult between 6 p.m. and 6 a.m. the night of the fireworks.
2014: The Year in Music [PHOTOS]