Wis. budget surplus tops $1 billion

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MADISON, Wis. (AP) -- Wisconsin's budget surplus is projected to be about $1 billion by mid-2015.

The updated figures were provided to The Associated Press on Thursday by two sources briefed by the nonpartisan Legislative Fiscal Bureau. They requested anonymity because they were not authorized to release the figures.

Gov. Scott Walker is working with Republican legislative leaders on a tax cut proposal using a portion of the surplus. He plans to unveil the plan in his State of the State speech on Wednesday. Walker has said it will cut property and income taxes, but he's not yet released details.

Assembly Speaker Robin Vos says he wants to use some of the money to reduce technical college property tax levies, replacing that revenue with money from the state.