Old Orchard Beach residents on Tuesday approved a $13.4 million school budget that results in at least 12 layoffs.

Residents voted 667-219 in favor of the budget.

The budget is up about 5.5 percent and requires “significant” staff cuts, according to school officials. The school budget, combined with the municipal budget, will increase the property tax rate by 56 cents. That increase will be offset by an increase in the state homestead exemption and raises annual taxes on a $200,000 home by about $46.

Residents voted 642-241 in favor of continuing school budget referendums.