For the second time in the American Folk Festival’s history the event made money.Organizers of the festival went before city leaders Wednesday night to recap last summer’s event.The group presented a report to the city councilors on the business and economic development committee.Yearly losses with the festival have built up a $300,000 dollar debt that’s now owed to the city. Board Chair Maria Baeza tells TV5 this years festival budget had a surplus, and that money will be applied to next year’s event.She also says all of the vendors were paid and they’ve started to repay the city debt, based on an agreement signed back in February.The first installment of $30,000 dollars was made in mid-October.Heather McCarthy, Exec. Dir., American Folk Festival: “We have made this years commitment to that payback plan we’re on track with that. The incoming contributions in the form of public work sites and some services we managed to bring in under budget, so we feel very positive about the components of the festival came together.”The date for the 2011 American Folk Festival is now set. It will be August 26, 27, and 28.That will be the tenth year for the event.