Preston — The Board of Finance on Monday reversed an earlier position and decided to take enough money from the town's surplus account to give taxpayers no tax increase in the coming fiscal year.

During a special meeting, the board voted to use $297,300 from the $1.68 million surplus to offset any tax increase that would be needed to balance the combined $14.6 million town and school budgets for the 2012-13 fiscal year.

Earlier this month, the board expressed concern that it would take too much money from surplus to keep taxes at this year's 19.43-mill level and decided instead to use $200,000 and call for a small tax increase. The board's actions Monday erased any proposed tax increase in the coming year.

The board also cut the Preston Redevelopment Agency budget by $11,000 Monday.

The finance board incorporated an additional $27,000 in state revenues anticipated in the coming year, according to figures presented by state Rep. Tom Reynolds, D-Ledyard, whose district includes Preston.

Board member Norman Gauthier said Monday that the board stuck by its previous position to increase the reserve surplus — to be left untouched — from the traditional 8 percent of the total budget to 9 percent. Even after taking the $297,300 from the surplus account, the town still has an estimated $75,000 over the 9 percent threshold to use for emergencies next year, Gauthier said.

Chairman Robert Maurice said there should be enough in the surplus for emergencies, with the increase in the state projected revenue and the $11,000 cut to the PRA.

"We have enough, even with the 9 percent surplus," Maurice said.

c.bessette@theday.com