OLD TOWN – The City Council will hold a second reading and consider approval of the municipal and school budgets at its 7 p.m. meeting today at the Old Town Public Library.

The proposed budget calls for city expenditures of about $7.6 million, school expenditures of $13.9 million, and Penobscot County taxes of more than $565,000, for a total budget of $22.1 million. Total revenue is estimated at $13.4 million, which sets the net property tax requirement at $8.7 million.