The Cary Town Council just passed its budget for the 2010 fiscal year, but council members are already looking at next year's budget with a cautious eye.

"We could be in for a rough year coming up," Councilwoman Julie Robison said.

Even before the council members officially approved the budget for this year, much of the talk was centered on next year's budget and the town's debt, which is more than $300 million dollars and rising.

"Even with all the draconian spending cuts we're doing, the fact that revenue is off so much, that amount is going to go up," Councilman Jack Smith said.

Council members decided to continue with the renovation of old Cary Elementary, but now they are considering delaying many other improvement projects.

From a $1 million downtown parking plan to a $135,000 replacement bridge at Symphony Lake, nearly every project is on the table.

"I'm afraid that even next year, even if the economy starts improving, next year we may have a difficult time with out budget," Town Manager Ben Shivar said.

Town leaders are expecting some tax revenue to still be down next year, especially the money they get from the construction of new homes.

That could keep the town in a state of budget cut backs no matter what the rest of the economy does, but leaders are confident.

"Despite the difficulties that we've had, and that we may continue in to next year, we are very solid financially speaking," Shivar said.

Even if less revenue means the town will have to keep the belt tight.