The City Council has approved a budget of $90,556,268 for the new fiscal year, which begins July 1. The $91.5 million originally proposed in April was reduced by $763,065 in part by refinancing a bond for renovations at Portsmouth High School. The new spending plan was approved by a vote of 7-2. It should lead to a 34-cent increase in the property tax rate to $17.61 per $1,000 valuation.