PROVIDENCE — WaterFire fans take heart. Despite soaring costs and a sputtering economy, there will be at least as many WaterFire lightings this year as there were in 2007.

According to organizers, WaterFire’s 13th season will feature a minimum of 11 full lightings and 3 partial lightings, beginning with a full lighting on Saturday, May 24. Organizers also hope to add one or two more full lightings as the season progresses.

That would bring the total number of full lightings to 13 — two more than last year.

At the same time, WaterFire creator Barnaby Evans said the double whammy of rising production costs and a sagging national economy was taking a toll on the event, which annually draws tens of thousands of people to the Providence riverfront. In particular, Evans said that corporate financing for WaterFire, which can cost as much as $120,000 per lighting when year-round costs such as insurance and maintenance are factored in, is running slightly behind last year’s totals.

“It’s a concern, but not a crisis,” said Evans, who will officially announce WaterFire’s 2008 schedule at a news conference next Thursday. “As of this week, we have preliminary funding for 11 lightings, which basically means we have at least one major sponsor for each event. Normally, we like to have at least two, or better yet three, principal sponsors for a full lighting.”

Evans said support remained strong among longtime backers such as Fidelity, CVS, Amica and Verizon. But he said recession fears, combined with the state’s ongoing struggle to close this year’s $168-million budget shortfall, have made finding new sponsors difficult.

“People are definitely nervous about the economy,” he said.

One possible sign of trouble: so far, no full WaterFire lightings are scheduled for July.

“July is always a tough month because people tend to be away on vacations,” Evans said. “Still, we usually wind up with one or two July lightings every year.”

Meanwhile, economic jitters have already affected WaterFire’s two main entertainment venues — the Verizon Jazz Stage and the Sovereign Plaza Ballroom. According to Evans, the jazz stage will present three concerts this year, while ballroom dancers can strut their stuff on four WaterFire nights. Last year, there were seven concerts and five nights of ballroom dancing.

(There’s also some good news on the dance front: the Sovereign Plaza Ballroom will make its 2008 debut during WaterFire’s inaugural lighting on May 24.)

Another concern is the amount of state aid earmarked for WaterFire.

Last year, the General Assembly allocated $300,000 for WaterFire, an amount that reflects the event’s status as one of Rhode Island’s biggest tourist draws. If the same amount is approved this year, it would represent about one-fifth of WaterFire’s 2008 budget of $1.7 million.

But given the state’s current financial crisis — after this year’s $168-million deficit another $380-million shortfall looms next year — Evans isn’t sure what to expect.

“Like a lot of people, we’re hoping for the best while preparing for the worst,” he said. “When you see things like schools and health care being cut, it’s hard to complain.”

According to Evans, just keeping WaterFire afloat takes a fulltime staff of 12, including a bookkeeper, office manager, public relations officer and professional fundraiser. Other employees are needed to secure the numerous state and city permits that it takes to stage a WaterFire lighting and to maintain the boats and braziers that are used during the performances.

WaterFire also hires temporary workers to do things such as install the dance floor for the Sovereign Plaza Ballroom and set up the stage for WaterFire’s jazz performances. It also pays at least part of the cost for restrooms, security, trash removal and other services.

Other costs include wood, gas (for both trucks and boats) and insurance. Add it all up and the cost of staging a full WaterFire lighting can run as high as $120,000.

“Every year, we try to tighten our belts, but the costs keep going up,” Evans said.

Still, Evans thinks the event remains a good investment, both culturally and economically.

“A few years ago, we commissioned a study that looked at the economic impact that WaterFire has on the Rhode Island economy,” he said. “The results surprised even us. For example, the study found that WaterFire alone is responsible for pumping more than $45 million into the local economy annually. That’s $45 million that wouldn’t be there if we didn’t exist.

“In my book, that’s a pretty good return on investment.”

bvansicl@projo.com