For budget dorks like us at the Montana Budget and Policy Center, there are few days that get us excited enough to celebrate. One is April 15 – Tax Day, the other (and possibly most exciting) is July 1st – the start of a new fiscal year. To honor and celebrate this important day, we decided to dedicate this week’s wonky word to fiscal year.
If you’ve worked in a business, nonprofit organization, or for the government, you are at least familiar with the term. Fiscal year is a period of time used for calculating yearly financial information. It is basically the period of time a business runs its budget and “opens and closes” its books annually. Seems simple right?
Generally it is, but different entities operate on entirely different fiscal years.
The State of Montana is currently wrapping up fiscal year 2014 or FY14 for short. The Legislature meets in odd numbered years and appropriates funding for the two upcoming fiscal years. For example, this last session (spring of 2013), the legislature funded fiscal years 2014 and 2015. So as we write, agencies are busy reminding staff to turn in receipts and invoices so the state can close the chapter on one year and begin FY15.
So happy fiscal year everyone! We included a cartoon just for you. And remember, be safe and always find a designated driver for your fiscal new year celebrations.
Check back each Wednesday for more wonky words. If you have suggestions, email me at email@example.com or post something to our Facebook page.
MBPC is a nonprofit organization focused on providing credible and timely research and analysis on budget, tax, and economic issues that impact low- and moderate-income Montana families.