The Town of Blacksburg passed its 2007 fiscal year budget Thursday with no tax or rate hikes.

Blacksburg Town Council unanimously adopted the budget after a second reading during a special meeting at 7 p.m. A public hearing was held prior to the council meeting at 6:30 p.m. in the Blacksburg Town Hall, 105 S. Shelby St.

There will be no raise in utility rates or taxes for town residents. The proposed $5.3 million budget includes a 3 percent salary increase for town employees. The town is expected to generate $1,425,361 in revenue with another $2,806,842 in gas department revenue and $1,104,754 in water department revenue.

The budget contains only a 5.29 percent increase over the past year's budget.

Council passed first reading of the budget at its regular meeting earlier this month.