Budgets are normally based on fiscal years. The most common fiscal year used by state and local governments is

Question

Quizplus · Accepted Answer

The most common fiscal year used by state and local governments in the United States is from July 1 through June 30. This fiscal year allows governments to finalize their budgets after the end of the calendar year and to incorporate any legislative changes affecting taxation or spending that typically occur in the first half of the calendar year.

Budgets Are Normally Based on Fiscal Years