Waterford — The Board of Finance last week approved a tax rate of 25.83 mills for the 2015-16 fiscal year by a vote of 4-1, with Norman Glidden voting against it. The rate shows a roughly 4 percent increase over the current tax rate, despite a decrease in the approved budget.

The Representative Town Meeting last week approved a general fund budget of $86.3 million for the 2015-16 fiscal year. The budget shows a decrease of 0.7 percent compared to the current budget.

Finance Director Maryanna Stevens said the increase in the tax rate resulted from a roughly $2 million decreas in revenues in 2014-15 and 1.22 percent decrease — equivalent to about $39 million — in the 2014 grand list.

The revenue decrease she attributed to the expiration of one-time capital grants, accounting for about two-thirds of the 1.03 mill increase in the tax rate. She said depreciation of personal property values at Millstone Power Station caused the bulk of the drop in the grand list, accounting for the other third of the increase.