Gov. Andrew Cuomo and legislative leaders reached an agreement tonight on a budget for the 2013-14 fiscal year.
The $136 billion budget is expected to include a three-year phase in of an increase in the minimum wage, extending higher income taxes on millionaires and a $350 rebate check to families.
“I am pleased to announce we have a budget agreement in concept,” Cuomo told reporters at an improptu press conference.
The state’s fiscal year is set to start April 1, but lawmakers were hopeful to reach a deal this week because a spring recess is set to begin Friday.
Lawmakers will now work through the weekend to pass the budget bills by Sunday.