Fiscal year

“ For the first four months of this fiscal year, despite the fact that economic growth is less than originally thought, revenues are coming in at almost twice what they did last year, despite growth being a great slump from last year. ”

“ The report of the Secretary of the Treasury shows the receipts of the Government for the fiscal year ending June 30, 1869, to be $370,943,747, and the expenditures, including interest, bounties, etc., to be $321,490,597. The estimates for the ensuing year are more favorable to the Government, and will no doubt show a much larger decrease of the public debt. ”

“ Of late the public revenues have far exceeded that limit, and unless checked by. appropriate legislation such excess will continue to increase from year to year. For the fiscal year ended June 30, 1881, the surplus revenue amounted to $100,000,000; for the fiscal year ended on the 30th of June last the surplus was more than one hundred and forty-five millions. ”

“ The cash balance in the Treasury at the end of the fiscal year it is estimated will be $20,992,377.03. So far as these figures are based upon estimates of receipts and expenditures for the remaining months of the current fiscal year, there are not only the usual elements of uncertainty, but some added elements. New revenue legislation, or even the expectation of it, may seriously reduce the public revenues during the period of uncertainty and during the process of business adjustment to the new conditions when they become known. ”

“ Section 41 declares the general rule that the taxpayer's annual accounting period shall be the fiscal year or calendar year, depending upon the method of accounting regularly employed, provided such method clearly reflects income. ”

“ DEFICITS.—For purposes of the enforcement of this resolution, the amounts of the deficits are as follows: Fiscal year 2021: $3,837,583,000,000. Fiscal year 2022: $1,529,527,000,000. Fiscal year 2023: $1,099,260,000,000. ”

“ Owing to the many necessary burdens assumed by Congress in previous years which now require large outlays, it is with extreme difficulty that we shall be able to keep the expenditures for the next fiscal year within the bounds of the present year. Economies in many directions have permitted some accommodation of pressing needs, the net result being an increase, as shown above, of about one-tenth of 1 per cent above the present fiscal year. ”

“ In the event the annual appropriation act for an ensuing year is not approved, the general appropriation act for the current fiscal year should be deemed continued in force until such time as the new fiscal year’s budget is passed ”

“ When the President submits the budget for fiscal year 1992, the maximum deficit amounts for fiscal years 1992, 1993, 1994, and 1995 shall be adjusted to reflect up-to-date reestimates of economic and technical assumptions and any changes in concepts or definitions. When the President submits the budget for fiscal year 1993, the maximum deficit amounts for fiscal years 1993, 1994, and 1995 shall be further adjusted to reflect up-to-date reestimates of economic and technical assumptions and any changes in concepts or definitions. ”

“ The term "new annual revenues" means the net increase in annual revenues produced by the total of all tax or fee increases enacted by the general assembly in a fiscal year, less applicable refunds and less all contemporaneously occurring tax or fee reductions in that same fiscal year, and shall not include interest earnings on the proceeds of the tax or fee increase. ”

“ Nearly every business with a well-developed accounting system can, at any time, without the formal periodic inventory or closing of its books usual at the end of a fiscal year, determine approximately the amount of its current earnings, the amount accrued since the beginning of its fiscal year, and the part thereof undistributed. ”

“ If, following the enactment of the budget bill for the 2004-05 fiscal year or any subsequent fiscal year, the Governor determines that, for that fiscal year, General Fund revenues will decline substantially below the estimate of General Fund revenues upon which the budget bill for that fiscal year, as enacted, was based, or General Fund expenditures will increase substantially above that estimate of General Fund revenues, or both, the Governor may issue a proclamation declaring a fiscal emergency and shall thereupon cause the Legislature to assemble in special session for this purpose. ”

“ With the great reduction of taxation by the acts of Congress at its last session, the expenditure of the Government in collecting the revenue will be much reduced for the next fiscal year. It is very doubtful, however, whether any further reduction of so vexatious a burden upon any people will be practicable for the present. ”

“ The surplus continues to grow larger, and the estimates that President Bush has made in his budget are very conservative, as far as the amount of revenue projected to come in. And interestingly, one other factor on that, too -- of course, if you looked at the last budget submitted by the previous administration, they projected growth for this current fiscal year to be 3.5 percent in 2001. ”

“ The term ``real economic growth ́ ́, with respect to any fiscal year, means the growth in the gross national product during such fiscal year, adjusted for inflation, consistent with Department of Commerce definitions. `` (11) The term ``account ́ ́ means an item for which appropriations are made in any appropriation Act and, for items not provided for in appropriation Acts, such term means an item for which there is a designated budget account identification code number in the President's budget. ”

“ CONFORMING AMENDMENT.— Section 308 (a) (2) of that Act is amended by inserting after ``fiscal year ́ ́ the following: `` (or fiscal years) ́ ́. (c) ADDITIONAL CONFORMING AMENDMENT.— Section 308 (b) (1) of that Act is amended— (1) by striking ``for a fiscal year ́ ́ in the first sentence and inserting ``for each fiscal year covered by a concurrent resolution on the budget ́ ́; and (2) by striking ``such fiscal year ́ ́ in the second sentence and inserting ``the first fiscal year covered by the appropriate concurrent resolution ́ ́. ”

“ No, I mean, when I talk about leftover business I mean these are -- I don't have to tell you guys that appropriations bills come up in the course of each calendar year in order to fund the ongoing and future functions of budget. Most of those are done usually before the fiscal year ends, generally before Congress recesses, most assuredly before the next Congress convenes. ”

“ Budget Committee Determinations.—For purposes of this concurrent resolution, the levels of new budget authority, outlays, direct spending, new entitlement authority, revenues, deficits, and surpluses for a fiscal year or period of fiscal years shall be determined on the basis of estimates made by the chair of the Committee on the Budget of the applicable House of Congress. ”

“ The report for fiscal year 2000 shall include actual results for the preceding fiscal year, the report for fiscal year 2001 shall include actual results for the two preceding fiscal years, and the report for fiscal year 2002 and all subsequent reports shall include actual results for the three preceding fiscal years. ”

“ An adjustment in rates of pay may be made under this paragraph in a year only if the aggregate outlays of the United States during the last completed fiscal year did not exceed the aggregate receipts of the United States during such fiscal year, as determined by the Congressional Budget Office.”. ”

“ If the federal budget is not approved by the body vested with national legislative authority by
December 31st, the Minister of Finance will, on a monthly basis, approve funds for spending
units up to 1/12 (one twelfth) of appropriations of the previous fiscal year until a budget is
approved. The funds so provided for can be used only for liquidation of existing
commitments, salaries, pensions, social security payments, and debt service. ”

“ Such a method of determining the financial results of an enterprise is, of course, merely fanciful. There is always, and will be always, an overlapping of the life-periods of the various units of a plant. Furthermore the practical necessities of modern business and competition require a much shorter fiscal period with a more frequent figuring of results and showing of condition. It is due to this shortening of the fiscal period to one month, six months, or a year that the difficulties of the depreciation problem arise and inaccuracies of statement are consciously or unconsciously made. ”