There likely will be no changes in taxes for city residents and businesses in 2014.

City council will have its first public reading of next year’s $7.67 million budget on Thursday night.

The budget was outlined briefly at council’s Tuesday meeting.

In that budget, which drops from $7.89 million this year, the property tax will continue at 38.75 mills, the business privilege tax will remain at 7 mills, and the mercantile tax will stay at 1.5 mills.

The city will use $248,446 in surplus funds to help cover the difference in revenues and expenses. Last year the city used $492,584 from the surplus to balance the budget.

The city also will rely on a $600,000 tax revenue anticipation loan to keep the budget afloat until tax revenues start coming in April.