Overall state spending would hit a record $25 billion, or $49 billion with federal and other funds included. However, officials say when inflation and population growth are added to the equation, the state is spending about what it was at the end of the 1990s.

The budget for the upcoming year includes $223 million to help keep the state's Teachers Retirement System on strong financial footing. State officials said the payment is one of the largest subsidies - if not the largest - in the program's history.