A revenue projection given to lawmakers and the governor late Monday foresees Utah's blazing economy pumping another $149 million in excess tax money on top of the state's already record-breaking $1.6 billion surplus.

The so-called February revenue projections are keenly anticipated by lawmakers because progress on bills from tax cuts to expanded kindergarten programs await the updated tax estimates.

With the tax revenues continuing to climb, tax cuts and Gov. Jon Huntsman Jr.'s call for a second year of sharply increased education spending - as much as $453 million in new money for public and higher education - will undoubtedly go forward.

"These new financial projections are great news for Utah's students, parents and teachers," said Huntsman's spokesman Mike Mower. "These numbers will be helpful as we move forward on adopting important budget priorities for the state."

The House and Senate are expected this week to begin negotiating in earnest $210 million or more in cuts from income, sales and other taxes. Where the cuts will be made has yet to be determined, but $15 million or more likely will be in business tax credits.

But the revenues, which budget leaders said were heavily dependent on corporate taxes and saw a flattening of sales tax revenues, might indicate a slowing of Utah's dramatic economic growth.

The governor's $11 billion budget request was made in December against a backdrop of what was then projected to be a second consecutive year of record increases: a $1.3 billion projected increase in tax revenues, along with $308 million in already excess taxes already collected.