Fiscal Year / Prior 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 also

 


2018-003 Hearing: The President’s Fiscal Year 2019 Budget

 

More

 
 

Courses

 
 

Publications


The Federal Budget Process 2E

The Federal Budget Process 2E


Pocket Constitution

Pocket Constitution


Citizen's Handbook to Influencing Elected Officials

Citizen’s Handbook to Influencing Elected Officials: A Guide for Citizen Lobbyists and Grassroots Advocates


Congressional Procedure

Congressional Procedure

 
 

CongressionalGlossary.com, from TheCapitol.Net






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