Timeline for the Federal Budget Process
The graph shows the timeline for the federal budget process.
The Fiscal Year lasts from October 1 to September 30. The period of March to October is classified as "Before Fiscal Year," and the period after September 30 is classified as "After Fiscal Year"
During the "Before Fiscal Year" period, two important events occur. The first is the Formulation of the President's Budget, which begins 19 months before the Fiscal Year, and takes place between March and January of the "Before Fiscal Year" period. The President's Budget is submitted to Congress within 15 days after congress convenes. The second important event is the Congressional Budget Process, which begins ten and one half months before the Fiscal Year, between November and October of the "Before Fiscal Year" Period. If appropriation action is not completed by September 30, Congress enacts temporary appropriation, i.e., a continuing resolution.
During the Fiscal Year period, between October 1 and September 30, the only action is the Execution of Enacted Budget, in which funds are available to be obligated and spent according to Congressional Appropriations.
During the "After Fiscal Year" period, after September 30, the Review and Audit takes place.