Fiscal Year (CongressionalGlossary.com)

From the Congressional Glossary – Including Legislative and Budget Terms

Fiscal Year

Common Fiscal
Creative Commons License photo credit: MBoy68

Fiscal Year: Any yearly accounting period, regardless of its relationship to a calendar year. The federal government’s annual accounting period. Financial operations of the government are carried out in a 12-month accounting year, beginning on October 1 and ending on September 30. Each fiscal year is identified by the calendar year in which it ends and commonly is referred to as “FY;” for example, fiscal year 2020 (FY2020) begins on October 1, 2019 and ends on September 30, 2020. See 31 U.S.C. § 1102.

From fiscal year 1844 to fiscal year 1976, the fiscal year began July 1 and ended the following June 30. The 3-month period, July 1, 1976, to September 30, 1976, between fiscal years 1976 and 1977 is called the transition quarter (“TQ”).

Prior Year: The fiscal year immediately preceding the current fiscal year.

See Chapter 7, Legislating in Congress: Federal Budget Process, in Congressional Deskbook; The Federal Budget Process: A description of the federal and congressional budget processes, including timelines.

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