Upon approval of the budget under section 1503 of this charter, the amounts stated therein as the amount to be raised by property taxes, reduced by cash surplus from excess collected property taxes, fees, charges, fines, and interest, if any, as indicated by the statement of the Town auditors, shall constitute a determination of the amount of the levy for the purposes of the Town in the corresponding tax year, and the selectmen shall levy such taxes on the grand list furnished by the listers for the corresponding year.