The word "fiscal" was originally a Latin word meaning "a small rush basket," used as a purse. This became the "public purse," which became the French word fiscal, meaning "to tax."
_FY 2011 is from October 1 2010 through September 30 2011.
_FY 2012 is from October 1 2011 through September 30 2012
The fiscal year gives newly elected officials time to participate in the following year's budget process.
For example, a new Republican majority was elected in November 2010.
They were able to participate in the FY 2012 budget, which was presented a month after they took office.
The corporate Fiscal Year, generally runs from July 1 through June 30 of the following year. The calendar year runs from January 1 through December 31.
The word "fiscal" was originally a Latin word meaning "a small rush basket," used as a purse. This became the "public purse," which became the French word fiscal, meaning "to tax."
Want to know more about the Federal budget for each Fiscal Year? Track the progress with these articles:
The President must present the budget for the next fiscal year by the first Monday in Congress has until October 30 to approve the budget.
http://useconomy.about.com/od/fiscalpolicydefinitions/g/Fiscal_Year.htm
