Albany, NY (WIBX) - The state Legislature has approved an on-time budget.

Despite the presence of controversial health and education funding measures, the Senate and Assembly were able to pass the governor's budget late last night.

Senator James Seward James Seward says the $132.5-billion budget lowers overall state spending by2% and closes a $10-billion  deficit without raising taxes or borrowing.

Seward says the budget may be done, but the work is far from over.

He says a property tax cap and real mandate relief for local governments and schools must be enacted this year.

The budget now heads to Governor Cuomo.

It's the fourth time in 28 years lawmakers have passed a budget by the April 1st deadline.