State’s budget surplus grows to $484 million

Wisconsin’s budget surplus is projected to be higher than previously estimated.

The latest estimate by the nonpartisan Legislative Fiscal Bureau released Thursday puts the surplus at $484 million. That is up from the $348 million projection made by Gov. Scott Walker’s administration in November.

The higher surplus means Walker and lawmakers will have more money to play with when setting the next state budget that takes effect in July.

Walker on Tuesday said he was looking at an income tax cut of at least $340 million, in addition to putting more money into education. He releases his budget Feb. 20.

Republican co-chairs of the Legislature’s budget committee said the numbers show the state’s economy is improving.