The House and Senate on Monday adopted a $43.1 billion annual budget that lawmakers said offers the largest annual increase ever in K-12 education spending, a $269 million boost.

House budget chief Rep. Aaron Michlewitz said the budget raises spending by $1.6 billion, or 4 percent over fiscal 2019, with the education investments coming as lawmakers continue work on an education funding bill.

By a 158-0 vote in the House and 39-1 in the Senate, lawmakers accepted the bill (H 4000), which includes drug pricing controls and does not include Senate proposals to freeze UMass tuition and fees or implement new taxes on opioid manufacturers and vaping products.

Budget negotiators missed their July 1 budget deadline and ultimately made their reconciliation effort easier by increasing their tax revenue collection estimate by nearly $600 million and driving more than half of those expected collections into spending.

As the budget moved to Gov. Charlie Baker for his consideration, administration officials declined to say whether they agreed with the revenue markup. The governor was in Colorado Monday at Republican Governors Association meetings and Administration and Finance Secretary Michael Heffernan was not available.

The votes of approval came less than 24 hours after a six-member conference committee filed its compromise spending plan on Sunday afternoon.

House members applauded the news that the bill would raise the state rainy day fund balance to $3.3 billion. When the bill reached the Senate, budget chief Sen. Michael Rodrigues said $4.5 billion, about 10 percent of spending, was the "ideal" level for that fund's balance.

Michlewitz identified housing, education, and family planning as major investment areas, with Chapter 70 funding rising to $5.18 billion.

The state is "hitting the reset button" on charter school reimbursements with the goal of fully funding the system in the next two years, he said, and the budget adds $20 million to increase rates paid to early education providers.

Nursing homes will receive $50 million in supplemental rates under the budget "to ensure that our seniors get the care that they deserve," Michlewitz said, and a task force will be formed to look at ways to stabilize the industry.

Sen. Marc Pacheco, a Taunton Democrat, was the only lawmaker to vote against the compromise budget. He voiced concern with language regarding offshore wind procurements, which he said could ultimately result in higher rates for customers. Pacheco said he would urge Baker to send that section back with an amendment.

Marie-Frances Rivera, president of the Massachusetts Budget and Policy Center, called the revenue markup the "most notable feature" of the budget accord, but said that even with the funding increase, K-12 aid is about $78 million below the most progressive of the K-12 funding reform proposals pending before the Legislature.

"Though these additional investments are welcome, it is possible that this revenue growth will not last forever," Rivera said in a statement. "While revenue growth estimates remain strong for the coming fiscal year, expectations are that the national and state economies will slow eventually and state revenue collections will follow suit. A few, unexpected 'boom years' do not change the underlying fact that Massachusetts has a long-term problem with inadequate revenues."

The business-backed Massachusetts Taxpayer Foundation said the budget accord is based on revenue assumptions that are "overly optimistic" by about $166 million and does not cover about $168 million in expected costs.

Katie Lannan contributed reporting