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What is Fiscal Year

Fiscal Year (FY): Twelve-month periods throughout which income is earned and received, compulsions are incurred, encumbrances are prepared, appropriations are expended, and for which the other fiscal transactions are recorded. In California state government, the fiscal year starts July 1 and ends the subsequent June 30.

When reference is made to the state’s FY 2013, this is the time-period starting July 1, 2013 and ending at June 30, 2014.

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