Gov. Andrew Cuomo and state legislative leaders announced early Friday morning the passage of a $135 billion state budget for the 2013-2014 fiscal year.
The budget closes a $1.3 billion budget gap with no new taxes or fees, according to the governor's office.
Some major elements of the budget include tax cuts for middle class families over three years, $800 million in tax cuts for businesses, $5 million for a new job training program, an additional $1 billion in school aid, and more aid for SUNY and CUNY schools.
It also includes a minimum wage increase that will be phased in over the next three years, reaching $9 by the end of 2015.
“This is a business-friendly and family-friendly budget that keeps spending within a self-imposed 2 percent cap, and emphasizes Senate Republican priorities to help businesses create new jobs and provide tax relief to struggling middle-class families," said Senate Majority Leader Dean Skelos.
Assembly Speaker Sheldon Silver said the budget "makes the critical investments in public education, public health and affordable housing while honoring the moral obligation to preserve the social safety net."
The budget is the third straight on-time budget passed by lawmakers.