Preliminary NYS Budget Agreement Reached

March 28, 2011 Updated Mar 28, 2011 at 6:23 PM EDT

By Kyla Igoe

March 28, 2011 Updated Mar 28, 2011 at 6:23 PM EDT

Albany, NY (WKBW)- Governor Andrew M. Cuomo, Senate Majority Leader Dean Skelos, and Assembly Speaker Sheldon Silver announced Sunday an agreement on a 2011-2012 budget that eliminates a $10 billion deficit. The $132.5 billion spending plan reduces spending overall by over 2% from the current year, eliminates 3,700 prison beds, establishes regional economic development councils, redesigns Medicaid, and cuts $1.25 billion in aid to schools. The UB 2020 Bill will not be included in the budget.

"The UB 2020 Project is very important to many of us...we couldn't find a way to include it into the budget," said Governor Cuomo.

Although UB 2020 is not included in the budget, Cuomo says he'll hold a summit with lawmakers and stakeholders to discuss how to make the plan a reality. The bill would give the university more control over it's tuition, and create thousands of jobs as it expands its downtown medical campus. Lawmakers believe modifications, including tuition caps for low income students, make it more appealing to downstate opponents. The bill has already passed overwhelmingly in the senate. Cuomo has not set a date for the UB Summit yet. According to members of the Western New York Delegation, the goal is to have a final bill done before the end of the legislative session in June.