Voters at the March 4 Budgetary Town Meeting held off on slashing the budget to avert a potential 36-cent hike on the tax rate that could result from the loss of $1.2 million in shared revenue from the state.

Gov. John Lynch wants to withhold money from the rooms and meals tax and other shared revenues to close a state budget deficit, which would cost Bedford revenue, resulting in a 36 cent hike on the tax rate, said Town Manager Russ Marcoux.

At Town Meeting, Roy Stewart, the Bedford Taxpayers Association president, asked if the town should level fund its budget to make up for the possible revenue shortfall. But Marcoux said the town should wait and see if the state Legislature approves the governor’s budget.

He said the state process would not come to a conclusion for another three months.

“It would be more prudent at that time to look at not only our revenue but our expenditures and then make the appropriate changes that need to be made,” Marcoux said. “There’s no need to react to what we don’t know will happen just yet.”

Lynch has said federal stimulus funds would fill the gap in town budgets, but Marcoux said the state should use that money itself, leaving local revenues untouched.

There was only one change to the town budget at the Town Meeting, which was held at the Bedford High School. Councilor Normand Longval requested $36,496 more for the Conservation Commission. That amount represents the interest from reserve funds that have been invested plus revenue from change-of-use fees. The increase does not affect the tax rate, Longval said.

The resulting $24.6 million town budget easily passed on a voice vote. The town portion of the local property tax rate will be $3.88 per $1,000 in assessed property value, which is 1.9 percent or 7 cents more than the 2008 rate. On a $400,000 home, that is an increase of $28 on the annual tax bill.

Voters also rebuffed a citizen petitioned article presented by Gus Garceau that would have spent up to $150,000 to place jersey barriers, berms or other obstacles on Nashua Road and Bell Hill Road to prevent drivers from turning left across traffic from Route 101.

Garceau said his solution would ensure safety at the intersection. But, Police Chief David Bailey and others said it was a measure of last resort.

They said the town should wait on the outcome on Election Day when voters could approve borrowing $1 million to install a signalized light, a left-turning lane onto Nashua Road from the highway, and left and right out lanes from Nashua Road.

A simple majority of voters approved spending $1 million for safety improvements to the intersection of Route 101 and Nashua Road by a 1,016-1,768 vote. However, the article noted it needed a two-thirds majority to pass, which is in question.

Spending the $1 million would have been contingent on the state reimbursing the town up to two-thirds or could have been funded through the federal stimulus program, according to town officials.