Ideas for the 200th anniversary of Lord Nelson's most famous battle, on October 21st, include firework displays, fancy dress, and even a blazing replica of a galleon.
Coun. David Whipp said: "We want to have a really quality event to celebrate Nelson with really good regional, if not national, standing, and get all the people of Nelson feeling really good about their town."
Leader of the council, Coun. Alan Davies, added that it was vitally important that the event was a success.
"It will be the real start of Nelson's pride coming back into it, and we want to make sure that it happens properly, and we do have something really good," he said.
The news was also welcomed by Cloverhill representative, Coun. David Foster, who attended the meeting. He said: "We can make this a really exceptional event, and thank you for the money to kick-start it off, though I'm sure we will have to find more funding from elsewhere."
A Trafalgar Committee has been set up to organise the event.
Other plans for the weekend include an evening farmers market, live music and a torchlit procession from the town centre to the site of the firework display and the climax of the celebrations.
The committee will ask schools, youth groups and businesses to get involved and bring Nelson together to honour the hero who gave the town its name.
Coun. John David seemed to want to recreate the original event. He said: "The twinning committee obviously want to be involved - let's have the French over!"