Stonington -- The Board of Finance will hold a public hearing on the proposed $70.6 million budget for 2018-19 on Wednesday at 7:15 p.m. at Stonington High School.

The budget, shows a more than $3 million or 4.5 percent increase compared to the current budget in large part due to $1.8 million hike in debt payments caused by the $67 million elementary school project and the $2.2 million Mystic River Boathouse Park project.

The proposed tax rate is 22.83, a decrease of .15 mills. The small decrease, however, is in large part due to the revaluation, which showed a grand list increase of 4.6 percent. To accurately determine whether the proposed budget would increase their tax bill, property owners must multiply their new assessment by the proposed tax rate and then compare that to their current tax bill.

The $21.6 million general government budget is up $500,000, the $2.7 million capital improvement budget shows a $300,000 decrease and the $38.1 million school budget is up $1.1 million. Debt payments are rising from the current $6.3 million to $8.1 million.

After the hearing, the Board of Finance will finalize a budget proposal to send to the Board of Selectmen which will set a town meeting and then a referendum vote.