§ 2-101

(a) The fiscal year for the State and its officers and units begins on July 1 of a calendar year and ends on June 30 of the next calendar year.

(b) Each officer and unit of the State government shall use the fiscal year for:

(1) appropriating money;

(2) authorizing expenditures;

(3) keeping records;

(4) balancing books and accounts; and

(5) making reports.