What Is Fiscal Year 2024. 30, according to the latest estimate from the congressional budget office released. A fiscal year (fy), also known as a budget year, is a period of time used by the government and businesses for accounting purposes to formulate annual financial statements and reports.

Yet again, the federal government spent far more than it collected in revenue, racking up a budget deficit of $1.8 trillion for fiscal year 2024, according to the. 🔴 the revised fiscal deficit — the gap between government’s revenue and expenses — is at.