What Does GFY Stand For?

GFY stands for Government Fiscal Year

GFY, or Government Fiscal Year, refers to the annual accounting period used by governmental entities to budget, allocate, and report financial activities. This fiscal year may differ from the calendar year and is established to facilitate effective financial planning and management. It typically encompasses a defined start and end date, during which governments track revenue and expenditures to ensure fiscal responsibility and transparency. Understanding the GFY is crucial for stakeholders engaging with government financial processes.