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Fiscal Year (FY)

A 12-month budget and accounting period used for fiscal planning purposes. The state fiscal year (usually abbreviated FY, but sometimes SFY) begins July 1 and ends June 30. The federal fiscal year (FFY) begins October 1 and ends September 30. The year identified with a fiscal year is the year of the ending date. Therefore, FY 2021 is the 12-month period starting July 1, 2020 and ending June 30, 2021.