The purpose of this study is to develop local cultural festivals by providing an effective model for objectively evaluating the tourism events, so that public agencies can allocate the budget in the light of accurate information. It establishes model from analyzing the five cultural festivals in Korea by measuring the evaluation variables and using them as coefficients. This study also provides local governments with objective data to make better decisions when allocating the annual budgets of the cultural festivals. To achieve this, three types of value variables were investigated from industry professionals, Korean/foreign visitors, and local residents. The authors examined the model from the viewpoint of the public officials in charge of budgeting for the festivals. The contribution of this study is that it can be applied to the postevaluation of public tourism projects, and it can also be useful for applying the results to managerial decision making for the future planning of cultural tourism events.