An approximately $55.5 million fiscal 2014 budget is among the key items on tap at the annual Town Meeting that convenes Tuesday at 7:30 p.m. at the high school. The meeting will also consider two road-repaving alternatives from Department of Public Works commissioners. One would allow the town to borrow and spend $11.5 million for repaving over three to five years; the other would appropriate $500,000 for road projects next fiscal year only, drawn from part of the town’s excise tax revenue. Other proposals include several appropriations from the Community Preservation Fund, and a request for $21,271 to install an electronic emergency awareness system at all the town’s public schools. Separately, the annual town election will be held Saturday, and it includes a three-way race for a selectman’s seat.