The Newport Daily News has the most thorough explanation of the outcome of Tiverton’s Financial Town Meeting that I’ve seen:

More than 800 voters packed Tiverton’s reconvened financial town meeting Wednesday night and approved a slightly amended budget of $41.7 million for fiscal 2009.
Voters also approved a tax-levy override of $1.6 million, which will necessitate an increase of 99 cents to the tax rate, making it $11.25 per $1,000 of property value.
The tax rate is 10 cents less and the excess tax levy is $250,000 less than the $1.9 million override proposal presented to voters at the start of the May 21 meeting. That proposal was defeated by a majority of the 465 voters in attendance. Town officials initially proposed a $42.1 million budget for fiscal 2009, which begins July 1. …
The amended budget that was approved includes a $100,000 cut to the school budget, a $100,000 reduction in the amount for uncollected taxes and a $50,000 reduction in the police pension fund.

The $100,000 from “uncollected taxes” will, presuming a revenue shortfall, have to be made up somehow in the future. The $50,000 not put into the police pension fund is even more of a mere postponement; if the pension is of the defined benefit sort (which I haven’t been able to confirm with a quick search, but which is likely presumable), then the money not put in is of no immediate concern to the participants. That leaves the $100,000 school budget cut, which a Caruolo Act lawsuit could erase.
In other words, the “compromise budget” is very Rhode Island.