Wednesday, June 29, 2011 at 3:00 am (Updated: June 29, 3:03 am)
When the clock strikes midnight tomorrow, another fiscal year will come to a close.
Doesn’t mean much to the general public. Thursday becomes Friday and Christmas is still months away.
However, for local and state governments, July 1 begins a brand new fiscal year.
To get ready for the new season of spending, governmental bodies spend the months of March through June getting its financial plan for the coming 12 months in line.
This is not an arbitrary date. June 30 has been the end of the fiscal year for as long as memory allows.
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