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The Pennsylvania Constitution requires the adoption of a budget by midnight June 30 each year, the last day in the fiscal year. [5] [6] There were seven consecutive budget impasses in Pennsylvania between 2003 and 2009, with tensions between Democratic Governor Ed Rendell and the Republican-controlled State Senate delaying the passage of annual budgets. [7]
In the table, the fiscal years column lists all of the fiscal years the budget covers and the budget and budget per capita columns show the total for all those years. Note that a fiscal year is named for the calendar year in which it ends, so "2022-23" means two fiscal years: the one ending in calendar year 2022 and the one ending in calendar ...
The identification of a fiscal year is the calendar year in which it ends; the current fiscal year is often written as "FY25" or "FY2024-25", which began on 1 October and will end on 30 September. In 1843, the federal government changed the fiscal year from a calendar year to one starting on 1 July, [ 68 ] which lasted until 1976.
The federal government uses a fiscal year from Oct. 1 to Sept. 30, so companies doing a lot of business with the government may adopt a similar fiscal calendar.
Under current law, the governor must submit the budget to the General Assembly by the first full week of February each year or by the first full week of March if it is the governor's first term, [4] and Pennsylvania is legally obligated to pass a balanced budget by June 30 each year. However, it has passed 13 late budgets since 2003 including ...
Year-ending (or "12-months-ending") is a 12-month period used for financial and other seasonal reporting. [ 1 ] In the context of finance , "Year-ending" is often provided in monthly financial statements detailing the performance of a business entity . [ 2 ]
The 52–53-week fiscal year (or 4–4–5 calendar) is used by companies that desire that their fiscal year always end on the same day of the week.Any day of the week may be used, and Saturday and Sunday are common because the business may more easily be closed for counting inventory and other end-of-year accounting activities.
As the April 18 tax deadline nears and state returns are filed, many Pennsylvania taxpayers will likely be -- or are already -- wondering how long it'll take to get their refunds this year. The...