Terms Used In Maryland Code, STATE FINANCE AND PROCUREMENT 2-101

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • state: means :

    (1) a state, possession, territory, or commonwealth of the United States; or

    (2) the District of Columbia. See
(a) The fiscal year for the State and its officers and units begins on July 1 of a calendar year and ends on June 30 of the next calendar year.

(b) Each officer and unit of the State government shall use the fiscal year for:

(1) appropriating money;

(2) authorizing expenditures;

(3) keeping records;

(4) balancing books and accounts; and

(5) making reports.