(The Center Square) – The federal government spent $1.8 trillion more than it collected in tax revenue in fiscal year 2024, according to figures released Friday by U.S. Treasury Department.
Why would they use single notation for a year (2024) if the fiscal year starts in 2023 and ends in 2024? I’ve always seen organizations that do that write it as 2023/24 or 2023-24
When I worked civil service, it was always written as just the current year. So if it was after the end of the fiscal year for the current calendar year (2024) it’d always be referred to simply as FY2025 even though it’s October. Not sure why, but probably just shorthand.
Nope, I work in finance departments for lots of organizations as a contractor. I’ve never seen it written as only a single year. I am Canadian though, so maybe it’s just a Canada thing.
Um… 2024 isn’t over yet is it?
Fiscal Year != Calendar year
Not sure when the FY begins/ends, though.
Why would they use single notation for a year (2024) if the fiscal year starts in 2023 and ends in 2024? I’ve always seen organizations that do that write it as 2023/24 or 2023-24
When I worked civil service, it was always written as just the current year. So if it was after the end of the fiscal year for the current calendar year (2024) it’d always be referred to simply as FY2025 even though it’s October. Not sure why, but probably just shorthand.
Some do those split years, but I suspect you’ve seen many more that are just listed as the calendar year they end in, and you’ve just never noticed.
Nope, I work in finance departments for lots of organizations as a contractor. I’ve never seen it written as only a single year. I am Canadian though, so maybe it’s just a Canada thing.
Maybe. Here at my job we just started FY25, because there’s more overlap with that calendar year.
It my old job, it was always the calendar year that the fiscal year ends. So right now would be 2025 on the books.
If I saw 2024/2025, I would assume it’s a 2-year stack or a 2-year span.
Because this is a dishonest news outlet with a conservative agenda.
The end of the fiscal year 2024 is 30/Sep and the start was in 1/Oct 2023 .
Here is a article explaining it: Why the beginning of fiscal year 2024 is in October, not January.