fjárlagaári

Fjárlagaár is an Icelandic term that translates to "fiscal year." It refers to a twelve-month period used by governments and organizations for budgeting and accounting purposes. The Icelandic fiscal year typically aligns with the calendar year, running from January 1st to December 31st. This period is crucial for the government's financial planning, as it outlines expected revenues and expenditures.

During the fjárlagaár, the Icelandic parliament, the Althing, debates and approves the national budget, known as the fjárlög. This budget details how public funds will be allocated across various sectors, including healthcare, education, infrastructure, and social services. The fjárlög represent a key policy document, reflecting the government's priorities and economic strategies for the upcoming year. Tracking financial performance against the budget is a regular process throughout the fjárlagaár. At the end of the fjárlagaár, a financial report, or ársreikningur, is prepared to summarize the actual income and expenses. This report is then reviewed by auditors and presented to the Althing.