The surplus is measured and it's all unneeded. Yeah, it's definitely more than needed. Maybe we should get rid of all this surplus?

余計 usually carries a negative connotation, meaning there's too much of something, or it's not needed and could be left out. It could be too many things, or unnecessary words or actions it would be better not to say or do.

This is a jukugo word, which usually means on'yomi readings from the kanji. If you know the readings of your kanji you'll know how to read this as well.