A 1.24% tax increase for 2019-20 would result from the nearly $148-million revenue and spending plan approved by the Board of Finance on a string of unanimous votes Tuesday night, April 2.The 2019-20 budget proposal would allocate $98,193,760 for school operations \u2014a 3.36% spending increase \u2014and $38,318,807 for town departments and road repaving, reflecting a 0% increase for the town budget.The budget assumes expenditures of $11,315,116 to pay debt service.\u201cOverall, I get a spending increase of 2.4%,\u201d finance board chairman Dave Ulmer said near the end of Tuesday night\u2019s meeting. \u201cThat\u2019s with roads and debt service.\u201dSome $4,468,620 in capital spending proposals \u2014 projects and purchases to financed with borrowing, so they don\u2019t affect next year\u2019s taxes \u2014 were also approved by the finance board.All the spending and tax proposals will be passed on to voters for approval or rejection at the Annual Town Meeting and the budget referendum in May.The $98,193,760 school budget approved by the finance board is an increase of $3,193,760 over the current school budget, which is an even $95 million. But it\u2019s a $230,000 reduction from $98,423,760 budget request previously approved by the Board of Education.The cut trimmed the school spending from a 3.6% increase sought by the school board to a 3.36% increase approved by the finance board. The $230,000 school cut is exactly half the $460,000 school reduction proposed as a \u201cnon-binding recommendation\u201d by the Board of Selectmen. The selectmen\u2019s suggested cut would have meant a 3.1% increase in school spending.After Tuesday\u2019s meeting, Board of Education Chairwoman Margaret Stamatis was philosophical about the cut to the board\u2019s initial budget request.\u201cI think we can move the district forward. We\u2019re pleased both boards were thoughtful and listened to what we\u2019ve identified as the needs of our district,\u201d she said.\u201cWe respect their process,\u201d she said.\u201cWe\u2019ll have a discussion at our next board meeting regarding how we\u2019ll address the reductions to our requested amount.\u201dThat meeting is scheduled Monday, April 8, at 7 p.m. In the town hall annex off Prospect Street by Yanity Gymnasium.\u201cIt\u2019s still $3.1 million more than this year,\u201d finance chairman Ulmer said of the school spending.To get the projected tax rate down to 1.24% the finance board voted to pull $1,675,000 out of the town\u2019s roughly $14-million surplus fund balance.With a surplus of about $1.3 million projected for the current fiscal year, which ends June 30, the fund balance \u2014 which serves as a financial cushion for the town \u2014 is projected to be $15.4 million at the end of the fiscal year, which would be reduced to $13.7 million by the $1,675,000 \u201cuse of fund balance\u201d allocation built into the budget.