Waterford — The Representative Town Meeting late Wednesday approved a $78.8 million budget for the next fiscal year that will raise taxes by about 5.4 percent.

The budget is a 6 percent increase from the current spending plan. After three nights of review, the RTM cut only $6,590 from the spending plan, Finance Director Rudie Beers said Thursday. The cut came solely from a fuel and lubricants line item in the fire services budget.

The budget will now go through a 15-day waiting period before it is formally adopted. This time allows for residents to question the budget and potentially force a referendum. The Board of Finance also is scheduled to meet Wednesday to set the town's mill rate.

The general government budget is $28.6 million and represents a 3.48 percent increase. The Board of Education budget is $44.2 million and is an increase of 3 percent.

The town's total capital and debt service plan increased from $2.2 million to $5.9 million, a 59 percent jump. School renovation projects throughout the town have been the large factor in the town's increase in debt service.

jeff.johnson@theday.com