Final Cut Event and Final Cut Project

I am in the process of trying to clean up one space. While doing this I noticed the I have a Final Cut Project and Final Cut event  of the same name as you can see below in the screen shot below. Is the event part of the project. The project was created prior to my upgrade to Yosemite.
Everything was created in Final Cut Pro X

Hi. Please take a look at this Apple support doc. – particularly the two sections, "is media duplicated…" and "Can I delete…"
In short, removing the folders will remove clutter, but any additional space savings will be small.
Russ

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    {quote:title=cuttingedge wrote:}
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