The state fiscal year runs from July 1 to the following June 30 and is numbered for the calendar year in which it ends. The current fiscal year is the one which ends the coming June. The actual fiscal years are the years which concluded June of the two previous years. The budget year refers to the next fiscal year, which begins the July following the General Assembly's adjournment. Finally, out-year refers to the years beyond the budget year.
By law, the Budget must reflect two actual years of spending, the Governor's revised spending recommendations for the current fiscal year, and the Governor's full recommendations for the budget year.
The National Association of State Budget Officers (NASBO)
Series 1: The State Budgeting Process