Fiscal Year

A fiscal year (FY) is the 12-month window an organization uses to track revenue, expenditures, and financial performance. It is distinct from the calendar year because governments and institutions often align their accounting cycles with legislative budget calendars, harvest seasons, or historical convention rather than with January–December.

Fiscal-year start dates vary widely:

• The United States federal government runs FY from 1 October to 30 September (e.g., FY2025 ends 30 September 2025).
• The United Kingdom central government uses 1 April to 31 March; its personal tax year runs 6 April to 5 April, a relic of the 1752 calendar reform.
• Japan, India, and Canada (federal) also use an April–March fiscal year.
• The United Nations regular budget historically operated on a biennium but moved to an annual budget cycle aligned with the calendar year starting in 2020 following General Assembly resolution 72/266.
• Most EU institutions and the World Bank use the calendar year, while the IMF uses 1 May to 30 April.

For researchers and MUN delegates, the fiscal year matters because:

1. Appropriations and assessed contributions are negotiated and disbursed on FY cycles, not calendar cycles. A "2024 commitment" may mean very different things depending on the donor's FY.
2. Comparing budgets across states requires aligning periods; OECD and IMF datasets often normalize to calendar years using accrual adjustments.
3. Continuing resolutions and shutdowns (notably in the US) occur when an FY ends without enacted appropriations.
4. Audit reports from bodies like the UN Board of Auditors or national supreme audit institutions are organized by FY.

Always check which fiscal calendar a source uses before citing year-on-year changes in spending, aid, or contributions.