It's an amazing day in my neighborhood today. There are inflatable rides and snow cones, a bake sale and sack races and jousting in the pool. I feel like community events of this type used to be more common and have either disappeared or gone totally commercial. (Every street fair is now exactly like every other street fair.)
But here you can whack your neighbor with a soggy pillowcase until she falls into the pool or play softball together or just watch your kids go up and down the water slide a hundred times. It doesn't cost a fortune ($12 for unlimited rides, plus a snow cone and cotton candy) and the money goes to our community anyway.
Perhaps that's one reason why ours continues--we have pools, parks and a building to maintain, so there is a sense that the money has a common use--but every community has community expenses. Even if it's just subsidizing the rides themselves, it's worth it.
So go out and support your local community event. Or organize one. They make everyone feel good about where they live.