MILO – A proposed municipal budget that reflects an increase of $107,406 will be up for adoption at the annual town meeting next week.

A public hearing on the spending plan will be held at 6:30 tonight in the town hall.

The annual town meeting will be held 7 p.m. March 14 in the town hall. Polls will be open for municipal elections from 10 a.m. to 7 p.m.

“I think this particular [municipal] budget is tight and aggressive at the same time, and it provides for today, but more importantly it provides growth potential for the future of the town,” Milo Town Manager Jane Jones said Monday.

To offset the municipal increase, town officials have proposed using $107,406 from the surplus account to avoid a tax increase. The fact that there will be no increase to the taxpayer for the municipal budget is “very welcome news,” Jones said.

The overall tax rate may be affected, however, by school costs and rising county costs. Town officials are expected to learn within the next few days what the town’s share of school costs will be under the new school funding changes, according to Jones.

Included in the municipal budget is $50,575 for the proposed industrial park and $5,000 for a comprehensive plan. The budget also reflects the loss of about $9,000 in state revenue from homestead exemption changes. The latter – a tax break for homeowners – will be shifted to landowners, businesses and renters, Jones said.