KINGFIELD — Residents approved a $938,046 budget, up 2 percent from last year, at the annual Town Meeting recently.

With almost no discussion, the 138 voters passed the budget in 2 1/2 hours Saturday at Kingfield Elementary School, according to Town Administrator Leanna Targett.

She said taxpayers will raise $803,921, up 7.39 percent from last year, and the rest of the money will be raised by the tax increment financing district.

Targett said the town budget’s effect on the property tax rate is unknown, because school and county taxes are still to be determined. The current rate is $14.50 per $1,000 of valuation, or $1,450 for a house valued at $100,000.

Selectmen and Budget Committee members differed about how much of a budget increase they think residents should approve. Selectmen proposed a $951,546 budget, up 3.5 percent from last year’s $918,808 budget. The Budget Committee recommended a $932,046 budget, up 1.4 percent from last year.

Targett said residents approved $5,000 for Kingfield Festival Days, despite the Budget Committee not recommending the amount.

Selectmen Raymond Meldrum and Heather Moody were re-elected to the board. The two incumbents, as well as Brad Orbeton ran for two open selectmen seats.

Beth Luce beat incumbent Judy Dill for a School Administrative District 58 board seat, Targett said.