LITTLE ROCK — Legislators got their first glimpse Thursday night of the proposed $4.9 billion budget for the fiscal year that begins July 1.

The budget includes a 2 percent pay raise for state employees, state Department of Finance and Administration Director Richard Weiss said.

The Joint Budget committee is expected to take up the measure Friday. Sen. Larry Teague, R-Nashville, co-chairman of the budget panel, said the bill could be before the House and Senate as early as Monday.

Also Friday, the budget committee will learn the amount of surplus revenue expected to be available at the end of the current fiscal year for General Improvement Fund projects. Some of the estimated surplus has already been allocated for use in the 2013-2014 budget, with the remainder to be divided between the governor and the Legislature for allocation to projects.

The proposed Revenue Stabilization Act legislation, according to Weiss, would cover all state agencies in its top funding categories. It would place about $6.65 million, earmarked for uncompensated care at the University of Arkansas for Medical Sciences, in a lower category that would not be funded unless state revenue exceed projections next fiscal year.

"Everybody is agreed to it at this point," Weiss said Thursday night.

The proposal takes into account about $10 million in tax cuts supported by the Legislature that would go into effect next fiscal year,

"Essentially… these are the numbers that we have been working with pretty much since November," Weiss said about the governor’s original balanced budget presented to the Legislature. "You will find them fairly close."