State budget update

Legislative leaders announced last week that they will seek to add $500 million in state spending to the 2014-15 state budget for the fiscal year that starts April 1 with $240 million designated to go toward extra aid for education, $64 million for higher education, and another $59 million to be put towards the state’s health care spending including Medicaid.

No deal has been reached on Gov. Andrew Cuomo’s property tax freeze proposal, with the both Senate and Assembly proposing alternate plans. Negotiations on the final budget will continue throughout the next week with the final budget due on or before April 1.