LISBON – Both the school and municipal budgets for the 2007-08 fiscal year that begins July 1 have received final approval by the Town Council.

The town budget, which stands at $7,122,640, is up by 4 percent, and the school budget of $14,828,288 is up by 2.2 percent. Taking into consideration offsetting revenues, Town Manager Curtis Lunt said he does not anticipate an increase in the tax rate of $24.25 per $1,000 of valuation.

Also adopted this week was an adult education budget of $154,826 that is not part of the general education budget.