Us Congress 2023-2024 Regular Session

Us Congress Senate Bill SB2950

Introduced
9/27/23  

Caption

A bill to align the fiscal year with the calendar year.

Impact

The most significant impact of SB2950 will be on federal budgeting procedures, which will affect how agencies manage appropriations and fiscal planning. By shifting the fiscal year to align with the calendar year, the government aims to streamline the budget process, potentially allowing for more accurate projections and easier planning for federal agencies. However, this transition will also necessitate a transitional budget for the period from October 1, 2025, to December 31, 2025, to bridge the gap created by this change.

Summary

SB2950 aims to align the federal fiscal year with the calendar year by changing its starting date from October 1 to January 1 and ending date from September 30 to December 31. The bill proposes amendments to various sections of title 31 of the United States Code, addressing the federal government's budgeting and appropriations framework. If enacted, these changes will impact how federal budgeting is conducted and will require adjustments in related governmental processes and timelines.

Contention

There may be some contention surrounding the bill, as changing the fiscal year could disrupt existing practices and timelines for federal agencies, stakeholders, and congressional committees. Some members may express concerns about the practicality and readiness of the federal government to adapt to these significant changes within the proposed timeline. Additionally, the need for regulatory updates and adjustments to existing laws may further complicate the implementation of SB2950.

Companion Bills

US HB5612

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