Kentucky personal income is estimated to be $137.0 billion for the second quarter of FY 2009. Year-over-year growth slowed considerably to 3.5% in the second quarter. In the second quarter of FY 2009, Kentucky wages and salaries made up 53.6% of Kentucky personal income. An increase in refunds is the largest component of the expected 12.9% decline in receipts for the second half of FY 2009. The economic outlook presented is for the three-quarter period from January to September 2009. This period represents the second half of FY 2009 (quarters three and four) and the first quarter of FY 2010. Kentucky personal income is projected to creep forward by 1.8% in the second half of FY 2009, but wage and salary income is expected to decline marginally by 0.7% in the FY 2010:1.