THE FEDERAL FISCAL YEAR-END 2024: YOUR ESSENTIAL COUNTDOWN GUIDE

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Written By: Jay Colavita, Vertosoft President

As we approach the end of the federal fiscal year 2024, the pressure is mounting for agencies and contractors alike. The fiscal year-end is not just a checkpoint but a critical period that can significantly impact your budget, compliance, and overall strategy for the coming year. Here’s what you need to know as you navigate this pivotal time. 

Understanding the Fiscal Year-End Dynamics 

The end of the federal fiscal year, September 30th, is a key date that determines how unspent funds are managed and carried over. Agencies are rushing to finalize their expenditures, ensuring that all obligations are met, and any remaining funds are appropriately utilized or reallocated. For contractors and vendors, this means heightened activity and the need for strategic planning to ensure that all contractual and financial commitments are fulfilled. 

Strategic Planning for Contractors 

  1. Review Contracts and Deliverables: Take a close look at your current contracts to ensure all deliverables are met. This is the time to finalize any outstanding tasks or reports to avoid complications with contract closeouts or future funding. 
  1. Manage Financial Obligations: Confirm that all new procurement packages are sent to contracting in time to be processed and all invoices have been submitted for existing contracts before the fiscal year ends. 
  1. Budget Optimization: If there is a potential for unused funds, consider sending an unsolicited executable proposal or quote.  Helping to ensure that any remaining budget is fully utilized to prevent forfeiture. 
  1. Compliance Checks: Ensure that all regulatory and compliance requirements are met. This includes verifying that all reports and documentation are accurate and submitted on time. 

Key Dates and Deadlines 

  • September 15th: Finalize reviews of new acquisitions and existing contracts to identify any last-minute issues and confirm funded budget amounts. 
  • September 22nd: Submit all final proposals and invoices for this fiscal year. 
  • September 29th: Double-check that all compliance and reporting requirements are addressed. 
  • September 30th: Ensure all fiscal transactions are awarded and processed accurately before the deadline. 

Looking Ahead 

As you prepare for the new fiscal year, use this time to assess performance, review lessons learned, and adjust your strategies for 2025. This period is not only about closing out the current year but also about setting the stage for future success. 

Stay Informed 

Keep informed of any changes in federal regulations or procedures that might impact your contracts or financial management. Staying informed will help you navigate the complexities of the fiscal year-end smoothly and position you for success in the coming year. 

By focusing on these key areas and adhering to important deadlines, you can ensure a smooth transition into the new fiscal year and maintain strong relationships with federal clients.