PITTSBURGH — Carnegie Museums of Pittsburgh decided to oversee the day-to-day operations of the organization that runs the city's annual Three Rivers Arts Festival.

Carnegie Museums officials said they are taking over the festival because of the event's financial health and other concerns.

The chair of the festival's advisory committee acknowledged the festival has a cash-flow deficit. The 49th annual festival's budget this year was $1.6 million.

The festival has had to move its exhibitions to various locations in the downtown area for the past two years because its former home, Point State Park, has undergone extensive renovations.