LISBON — The Town Council approved a 2015-16 municipal budget of $7.51 million Tuesday night.

It’s $368,388 less than the previous budget.

In January, council members directed City Manager Diane Barnes to formulate a budget that was $300,000 less than in 2014-15.

“I am very happy,” council Chairman Dillon Pesce said.

The cuts could lower the tax rate from $24.40 per thousand dollars of valuation.

The final report on the town’s property revaluations, which was due in May, has not yet been submitted by the company hired to do the work. If everything stays the same, property owners will see a tax rate of $23.70 per thousand — a savings of $105 for a property valued at $150,000.

Pesce cautioned that taxpayers should not count on that, however. Until the revaluation numbers are in, the tax rate for 2015-16 cannot be set.

Changes to the budget included the loss of one police officer position, bringing the full-time roster to 13. One detective position and one sergeant position will be filled from within, leaving one patrol position unfilled, Pesce said. The council also approved 800 hours for reserve police.

Previously, $75,000 was taken out of a capital reserve fund for the firetruck replacement program. On Tuesday night, councilors voted to put the $75,000 back in the capital reserve fund.

Meanwhile, because the proposed 2015-16 school budget was defeated at referendum June 9, the schools are operating under the $15.1 million budget approved by the council in May.

The council voted Tuesday night to allow the School Committee to spend up to two months’ worth of the $15.1 million budget until a new budget is approved.

A public hearing on the school budget is set for July 21, after which the Town Council will vote on the budget.

Residents will have the final say at a referendum Aug. 11.