ALBANY, N.Y. (AP) – They did it again.

For the second year in a row, after 20 years of famous futility, the state Legislature on Friday passed an on-time state budget.

“We’ve done it,” said Senate Majority Leader Joseph Bruno. “We find what we’re doing here is extremely right for the people … this is truly a proud moment for all of us.”

“This one is a good budget, on time,” said Assembly Speaker Sheldon Silver in a press conference before the last bill was voted upon. “The budget is done.”

The budget is now estimated by the Assembly at $113.25 billion. That’s up from the $112.4 billion budget legislative leaders tentatively agreed to on Tuesday, but the Assembly maintains the new number simply reflects a precise comparison to the governor’s budget proposal, not more spending. The Republican-led Senate is sticking to the $112.4 billion figure, saying it doesn’t count “rebate” checks to be sent to taxpayers this fall as spending.

Gov. George Pataki, who is ready to veto parts of the budget he said is too big, estimated the Legislature’s spending plan could be as high as $115.5 billion, and will create a $12.4 billion gap over the next two years.

“I am concerned this budget … spends too much, reforms too little and jeopardizes our taxpayers and our finances going forward,” Pataki said. He said he will work with legislative leaders in the next two weeks “to put in place not just an on-time budget, but a good budget.”

Pataki added that he expects on-time budgets every year now.

Assemblyman William Parment of Jamestown, a member of the Democratic majority, said, “I think we’re spending more than we need to.” But he said the way the budget bills are packaged, lawmakers can “pick and choose.”

Sen. Michael Balboni, a Long Island Republican, dismissed the criticism by independent government analysts, saying their perspective is “viewed through the prism of cynicism” that the budget spends too much and is motivated by the fall elections.

“This decision marks for us that we choose hope over despair … I vote yes on this budget as an affirmation of what we can do when we decide to do it,” he said.

“This is my 34th budget,” said Sen. Dale Volker, an Erie County Republican. “I don’t believe I have ever been part of a budget that provided the kind of money we have.”

The front-runner to replace Pataki this year, Democratic candidate for governor Eliot Spitzer, said he was “extremely disappointed” with part of the Legislature’s plan. Spitzer said lawmakers failed to adopt several Medicaid reforms that could have saved billions of dollars in waste and fraud.

Assembly Ways and Means Chairman Herman Farrell said the Legislature’s plan increases health spending by $1.2 billion over Pataki’s budget, mostly in Medicaid. It includes some Pataki cost-cutting measures that trims $309 million from the budget, but Pataki’s proposals would have cut $1.1 billion from the $44 billion health-care program for the poor.

Farrell said general fund spending increases by $4.4 billion from the current budget and increases spending in all funds _ including federal funds coming to the state _ by $7 billion.

But Farrell said the Legislature included re-estimates of growing tax revenues, including $2.4 billion more than Pataki had predicted.

The Legislature’s spending plan includes $300 to $800 “rebate” checks to be received by most New Yorkers this fall, at election time, to return part of an estimated $4 billion surplus in the current fiscal year. In addition, the Legislature agreed to provide $330 tax credits to households with children aged 4 to 17. School aid would be increased by $1.1 billion, a record 6.9 percent jump, under the Legislature’s budget.

Several New York City Assembly members and senators criticized the funding to New York City schools, which includes up to $450 million more a year in operating aid and a complex construction fund that will provide more than $6 billion to New York City schools to renovate and build classrooms. They also said under-funded, failing New York City schools are pushing young people to crime.

“Let’s stop playing politics with this issue,” said Sen. Frank Padavan, a Queens Republican, who called it a good education budget.

Silver said the plan provides, with city funding, $11.2 billion in financing for construction, “a good downpayment,” and the Legislature will focus next year on increasing operating aid.

Pataki proposed a $110.6 billion budget for the 2006-07 fiscal year. The budget for the state fiscal year that was ending Friday totaled $106 billion, and wound up with a surplus estimated anywhere from $2 billion to $4 billion.

Democrats in the Republican-led Senate raised early opposition.

“It’s just not a balanced budget in the true sense of the word,” said Deputy Minority Leader Eric Schneiderman, a Manhattan Democrat. He voted against the plan’s tax cuts that he said would create billions of dollars in deficits in coming years.

Because the chamber that passes a bill first has the power to force an override effort, the Assembly’s Democratic majority made sure the Assembly will control the health and education bills _ the budget’s biggest elements.

The April 1 budget deadline was missed by the Legislature from 1985-2004. That was part of the reason the Legislature was identified in a university study as the most dysfunctional state legislature in the nation two years ago.