(a) The fiscal year for the State and its officers and units begins on July 1 of a calendar year and ends on June 30 of the next calendar year.
(b) Each officer and unit of the State government shall use the fiscal year for:
(1) appropriating money;
(2) authorizing expenditures;
(3) keeping records;
(4) balancing books and accounts; and
(5) making reports.