Legislative History of the Fiscal Year

The fiscal year was set in section 237 in the Revised Statutes (R.S.§237) by an Act from the 43rd Congress “to revise and consolidate the statutes of the United Sates, in force on the first day of December, anno Domini,” 1873.  The fiscal year was set to begin on July 1 of each year.  This was then restated in 1890 by an Act related to the duties of the House Sergeant of Arms. The date of the fiscal year was not changed.

Title V of the Congressional Budget Act of 1974 was signed into law on July 12, 1974 and changed the fiscal year to begin on October 1 of each year, and classified to 31 U.S.C. 1020 of the U.S. Code. The section was renumbered by Pub. L. 97-258 as 31 U.S.C. 1102, but did not make any substantive change.