I presume July 1 is an important date but don't know why or to what extent.
Any one out there know for sure?
It is the beguinning of the Fiscal Year, just like Oct 1 is the beguinning of the federal fiscal year.
It's the beginning of the new fiscal year. Without a budget, they can't spend anything starting on that date (there are a few exceptions, but the money pipeline is mostly turned off).