The reporting period

Federal budgets, expenses, revenues and annual deficits are organized around a fiscal year running from April 1 to March 31. The label uses both calendar years because the period crosses New Year’s Day.

This matters when a policy begins midway through a fiscal year. Its first-year cost may cover only a few months, while the next fiscal year may show a full twelve-month cost.

Why the dates matter

  • Budget announcements: A measure announced in autumn may have little effect in that fiscal year but a larger effect in the next.
  • Monthly results: The Fiscal Monitor reports year-to-date totals, which should not be treated as a complete annual result.
  • Economic data: GDP and employment are often discussed by calendar year or quarter, requiring care when paired with fiscal-year numbers.
  • Election debates: Political claims may choose different start and end dates, producing apparently conflicting totals.

Budget, year-end and audit

A federal budget normally presents forecasts for the current and future fiscal years. After March 31, departments finalize entries and the consolidated financial statements are audited. The Public Accounts then provide the official annual record.

That sequence is why a budget estimate, a March Fiscal Monitor and the eventual Public Accounts can show different figures for what appears to be the same year.

Primary sources

Use the official publications below for the latest figures and accounting details.

Editorial note: This page explains public accounting concepts and is not a recommendation for or against any political party, tax, program or borrowing decision.