In Newtown, a proposed $138 million town budget includes a 4.6% tax rate increase, reflecting the effects of spiraling inflation and the rising costs of salaries and benefits. Nevertheless, local leaders are working to try to find savings in the spending plan before the late April budget vote. The Board of Finance and Legislative Council rigth now are exploring the available options. Newtown residents vote separately on the school district’s $89.8 million budget and the town’s $48.8 million budget during the annual referendum in April.