Republican legislative leaders say they've reached a budget deal with the governor's office that protects core state services and includes no further cuts to public schools.
Senate Appropriations Committee Chairman Sen. Clark Jolley says the deal includes enough new revenue sources to close about $1 billion of the $1.3 billion hole in next year's budget. As result, state agencies will have to absorb about $300 million in cuts from last year's appropriations.
The deal includes taking a total of $144 million from the state's Rainy Day Fund, leaving the state's emergency fund with a balance of about $241 million.
Jolley declined to discuss further details ahead of a joint news conference scheduled for later Tuesday with the governor and House leaders.
Both chambers must approve the budget before Friday's adjournment.