A final vote on the budget will be held on Thursday, June 11, before council adjourns for summer recess.
This preliminary budget plan does not include Mayor Parker's proposed $1 per ride tax on rideshare services like Uber and Lyft, which would have provided an estimated $50 million a year for the school district.
However, council added $48 million to the school district's allocation, giving it a total of $332 million.
Meanwhile, a retail delivery tax of 25 cents per delivery to provide for road repair was also voted down ahead of the preliminary budget approval.
Council has also rejected the proposed hotel and Airbnb tax increase floated by Mayor Parker to fund homeless services. The budget allows for $86.3 million for the Department of Homeless Services.
One proposed tax will stick: cell phone towers will have to pay a "use and occupancy tax" to generate $2.4 million annually in revenue for the school district.
A representative for Council President Kenyatta Johnson says this decision to strike down proposed new taxes came down to the affordability crisis.
Mayor Parker is expected to address the budget vote later Thursday afternoon.
This is a developing story and will be updated.