The proposed plan comes with no new taxes or fees.
The state is looking at a $1.3 billion gap, but Gov. Cuomo says his proposed budget will be able to eliminate that deficit.
Eyewitness News spoke with area lawmakers about the proposed budget.
Assemblyman Anthony Brindisi and Senator Joseph Griffo say they were pleased to see a balanced budget and say there were some specific things that stuck out for us in Central New York.
Economic development was a big one for the two.
The Governor's budget includes funding for an innovative hot spots initiative.
This provides tax free zones for businesses looking to start up.
Assemblyman Brindisi says he's looking forward to seeing more information on the program.
Education is also another topic of interest for the two law makers.
The Governor is proposing to increase education aid by 4.4%, which is something Assemblyman Brindisi says he's happy to hear but wants to know exactly how we'll be affected here at home.
"We have to make sure that we are giving the aid to the districts that need it the most, because all children in the state regardless of where they live deserve a basic education and we want to make sure we are delivering that," said the Assemblyman.
"The question now is whether or not the funding will be sufficient considering the other initiatives that we would like to fund. I guess what I would say here is the formula is something we should be addressing," said Sen. Griffo.
Along with education talks, raising minimum wage to $8.75 an hour is also in the Governor's proposed plan.
Overall Brindisi says our state is continuing it's commitment to reduce spending and putting New York State on a sound fiscal path.