After months of negotiations, the borough council has increased its grant from £15,000 to £22,000, and it's all-systems-go for the 10th anniversary of the town's festival in September.
Said chairman Mervyn Carrick, "Obviously we're delighted. We're very grateful to the council for the vital extra money and to Portadown 2000 for helping us during the negotiations."
Mr Carrick added that an additional £15,000-£20,000 is required to run the event, but the committee is confident that other funding sources they have used in the past, along with sponsorship, will yield the remainder.
It is estimated that the event attracts at least 40,000 people to Portadown and £1 million to the local economy.
"Obviously we are behind schedule in the organising of the event," he said. "But we have a hard-working committee and we are confident that we can catch up and make the 10th anniversary an exceptional one.
"Already the all-Ireland Connemara Foal Competition people have confirmed they will be here as usual, and the horse-driving association is taking part - and Edenderry Community Association will be organising even bigger and better events.
"All the usual stallholders and more will be here, and most of our exhibitors will also be in Portadown for the big day."
On the Saturday - September 20 - there will be events such as the live animals, the vintage cars, the tractor cavalcade, cruises on the River Bann and the steam train to Lisburn and back.
The run-up from the previous Monday will include the unusual dog show, the music night in the Town Hall, a hymns evening featuring the hymns of blind composer Fanny Crosby who wrote hymns like 'Safe in the Arms of Jesus', 'Blessed Assurance' and 'Rescue the Perishing'.
And an invitation has gone out to Hugo Duncan to bring his roadshow to Portadown on the Friday.
"It's all taking shape well," said Mr Carrick. "It's very hard work for our committee. But we'll get there and we appeal to local business and industry to come up with funds and sponsorship and help us make it a day of which Portadown will be proud."
Portadown 2000 chairman Mr Brian Walker, whose group acted as a catalyst to secure the improved grant, said, "It's great news for the town and demonstrates again what can be done by co-operation between a voluntary body, the council and our company in securing the future of this unique festival."