Preston ― The Board of Finance has cut $150,000 from the proposed school budget that voters rejected at Thursday’s referendum and set a town meeting for June 7 and a second referendum for June 15.

Voters on Thursday rejected the proposed $14.5 million school budget for 2023-24 by 37 votes, while approving the $4.9 million town government budget by 44 votes. During a special meeting following the referendum, the Board of Finance voted to cut $150,000 from the school budget and to raise town revenue projections by $30,000 in interest income.

The budget changes would result in a proposed tax rate of 22.95 mills, down from the 23.24 mills the initial budgets would have required. This year’s tax rate is 27.88 mills, but in a year of property revaluation that greatly increased home values, many homeowners complained they would face steep tax increases even with a lower tax rate.

The town meeting has been tentatively scheduled for 7 p.m. June 7 at Preston Veterans’ Memorial School. The referendum was set for June 15 with Preston Plains Middle School as the polling place.

c.bessette@theday.com