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The information is less detailed so that CBO can provide it to lawmakers as quickly as possible. This presentation of CBO’s projections is much shorter than usual. In this case, having a budget that covers the school year may be much more important than having a calendar year budget. This report presents the agency’s most recent budget and economic projections, which are based on the laws in effect as of May 18, 2021. An example might be a school, where most of the expenses are incurred from August to May. It is also important in smaller companies to decide on a budget period that makes sense from a business standpoint. When setting up a budget for your company or department, make sure to check to see what the company prefers, or currently uses. This helps with long term planning for managers, as they don’t have a narrow, short term goal, but can see into future periods. The advantage to this type of budget, is that managers always have a year in front of them, regardless of when they are looking at the budget. So, as an example, at the close of a month or a quarter, the next month or quarter is added on. This kind of budget will continually add on to the end of the period, with a perpetual 12-month budget.

Depending on the fiscal year of the company the quarters may vary, but in a standard calendar year company, January–March, April–June, July–September, and October–December would be the four quarters. Most companies prepare a one year budget, that is divided into quarters and then months. First and foremost, set a budget period that works for your business! The two primary budget periods you will see are: There are various ways to set up a budget and to choose a budget period. The standard quarterly budget doesn’t seem to fit your needs, but what can you do? Well, let’s examine some ideas for budgeting that may be a better fit for you! Every city operates on a fiscal year, an official 12-month period which typically begins on January 1. Also, since you run a school aged child care program, it really makes more sense to budget from May to April, rather than January to December, but you aren’t sure if it is ok to budget that way. A fiscal year (FY) begins on July 1 and ends on June 30 of the following year and is designated by the year in which it ends thus FY 2014 begins on July 1. The Budget Process: The Fiscal Year and Budget Calendar. Although how you prepared the budget seemed to make sense at the beginning of the year, you are now seeing some things that could have been done better, or improved by working ahead on your budget, so you didn’t feel like you are starting from scratch.

The year has come to a close and you are sitting at your desk evaluating the budget for your business.