After months of bickering and tense negotiations, state lawmakers finally pass the budget, more than four months past the April 1st deadline and just a week shy of the latest budget on record. Our Erin Billups has the details.

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ALBANY, N.Y. --It may be 125 days late, but a budget is finally completed in Albany. Lawmakers passed the second latest budget in New York State's history Tuesday night. Members of the State Senate voted 32-28 in favor of the revenue bill, the final piece of the 125-day late budget.

“It took much longer than usual but I’m glad it’s behind us. We still have some unfinished business," said Senator Jeff Klein of the Bronx.

The Assembly already passed its budget bills.

Tuesday's vote was held up because of a dispute over a plan that called for allowing State University of New York and City University of New York schools to have the power to set their own tuition.

While the measure failed to gain the 32 votes needed to pass, Governor David Paterson and legislative leaders say they have agreed to a framework of the plan. Details, however, were not immediately available.

"It’s a good agreement, as we find out the details we’ll know more. But we think all in all we got what we wanted to get," said Senator Bill Stachowski of Buffalo.

The Legislature also passed an amendment to its revenue bill which removes a controversial tax on out-of-state hedge fund managers.

"We are not interested in driving business out of New York. I don’t believe it will but just to be safe we are doing this," said Assembly Speaker Sheldon Silver.

As promised, Senate Republicans voted against the $136 billion budget bill, saying the process was dysfunctional.

"I don’t think that’s a good budget. This budget could have been done months ago if it was open, transparent, if the law was followed," said Senate Minority Leader Dean Skelos.

Earlier in the day, lawmakers also approved a contingency bill to protect the state from a budget shortfall if New York doesn’t receive more than a billion dollars in federal Medicaid funds, also known as FMAP.

"We will not allow the governor the discretion to cut 10 percent someplace and zero percent someplace else. He must do it across the board," Silver said.

The governor says with a contingency plan in place the state’s budget is now balanced.

Lawmakers will also now receive their paychecks, which were being withheld since the April 1st deadline.

New York's latest budget was passed on August 11, 2004.