Friday, October 01, 2004
Happy New GFY (*) 2005!
by Tom Bozzo
I look forward to seeing the final budget deficit from the outgoing fiscal year, and the proffered explanation for why it should have gone up despite increased economic growth.
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(*) Government Fiscal Year ("jiffy"). Until last year, the U.S. Postal Service operated on a separate fiscal year from the rest of the government, known in postal circles as the PFY ("piffy"), using an idealized calendar consisting of 13 "accounting periods" of four weeks each, and necessitating annoying PFY-to-GFY reconciliations. As the 364-day PFY gradually shifted away from the GFY, postal consultants in giddy moods would wish each other a happy new PFY in early September.
...to all friends in the federal government.
I look forward to seeing the final budget deficit from the outgoing fiscal year, and the proffered explanation for why it should have gone up despite increased economic growth.
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(*) Government Fiscal Year ("jiffy"). Until last year, the U.S. Postal Service operated on a separate fiscal year from the rest of the government, known in postal circles as the PFY ("piffy"), using an idealized calendar consisting of 13 "accounting periods" of four weeks each, and necessitating annoying PFY-to-GFY reconciliations. As the 364-day PFY gradually shifted away from the GFY, postal consultants in giddy moods would wish each other a happy new PFY in early September.
