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(Little Rock) (AP) – Arkansas lawmakers have advanced legislation detailing the state’s proposed $4.9 billion budget for the coming year.

On Friday, the Joint Budget Committee endorsed identical House and Senate versions of the proposed Revenue Stabilization Act, which prioritizes spending based on expected revenue.

Both chambers are expected to vote on the measure early next week before ending this year’s session. The legislation is nearly identical to the proposed budget that Gov. Mike Beebe unveiled last year.

It calls for increases in funding for the state’s Medicaid program and public schools. It also includes funding for 2% cost-of-living increases for state employees.

Lawmakers are expected to review legislation later Friday to divide up the state’s expected $300 million surplus for various projects.

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