Blue and Gold Banquets are a tradition in Cub Scout packs.  They are a celebration of the anniversary of the founding of the BSA on February 8, 1910, and therefore usually take the place of the February pack meeting.  Often, badges of rank are awarded.  The Arrow of Light ceremony may even be included as the 5th graders cross over to a troop.  Sometimes community leaders or special guests are invited to attend.  The meal can be a pot-luck dinner or other arrangements can be made – whatever suits your pack.