Note: This is a developing story.  Check back for updates.  A budget agreement has been reached for the 2014-2015 fiscal year before Monday's deadline.

According to a written release from Governor Andrew Cuomo's office the budget holds spending growth below two percent and includes $1.5 billion in property tax relief available to municipalities that strive to become more efficient.

Funding for schools will increase by five percent, and will include universal pre-kindergarten for all schools in New York.