On this upcoming sequester, exactly what funds are we talking about?

Some reports say agency budgets are being cut and that this is the cause of all the supposed upcoming layoffs, furloughs and service cutbacks being threatened.
I can see that if you have less money than before, something will have to give but other reports state that these agencies are actually going to be receiving “at least” as much money as they got last year and that it is additional funding or budget increases that are actually being cut.
Cutting through all the BS, which is it? Are they actually going to get more money than last year, less money or the same amount?