What does Fiscal Year 2025 refer to?

Fiscal Year 2025 refers specifically to the budget year that is being used for planning future expenditures and revenues. In governmental accounting and finance, each fiscal year typically runs for a 12-month period during which budgets are planned, approved, and executed. Thus, when referring to Fiscal Year 2025, it indicates the timeframe designated for preparing and executing the budget that will govern the financial operations of the entity during that year. This makes it a critical target year for budgetary planning and financial forecasting.

In this context, understanding the significance of the fiscal year is essential for municipal finance officers, as it helps in aligning the allocation of resources and setting financial priorities based on anticipated revenue and expenditure patterns.