(WKBW-TV) New York Governor Andrew Cuomo released his 2012-13 Budget in Albany on Tuesday afternoon.
The Executive Budget will now be reviewed by the New York State Legislature.
The budget holds the line on spending, consolidates departments and services, and erases a $3.5 billion dollar general fund gap.
"This budget closes the remaining deficit with no gimmicks, no tricks, no 'one-shots,' no borrowing, no new taxes," says Robert Megna, NYS Director of the Budget.
Among the budget's provisions, Governor Cuomo wants to allocate $200 million dollars to jump-start a plan to bring good paying jobs back to Buffalo.
Cuomo is also proposing that the State pick up future increases in Medicaid costs - helping remove the burden from local governments.
However, the plan also has its controversial elements.
Cuomo wants to reform the State pension system by adding a new tier for future hires.
With New York State in jeopardy of losing $700 million dollars from the Federal Government for not having a teacher evaluation system in place, Governor Cuomo is giving school districts one year to come up with a plan, or they will not receive an increase in State funding.
The State Legislature has until April 1st to approve an on-time budget for New York State.