30 Sep '12, 11am

Defense contractors to hit deadline as Fiscal Year 2012 comes to a close today

If you're a manager of defense contracts, there's a good chance you've been stuck in front of a computer screen this weekend. The federal government's fiscal year ends tonight at midnight. Any funds for existing defense contracts must be "obligated" or spent by then -- a use-it-or-lose-it proposition. Defense-contract managers typically spend the end of September in a kind of frenzied dance with the Pentagon to make sure that funds appropriated by Congress in the current fiscal year are used up. If Monday comes and the money hasn't been locked in for a specific contract or spent, it's gone, essentially reabsorbed by the government. Some contractors may be spooked by the threat of huge defense cuts that could start Jan. 2 as part of the "sequestration" mechanism. But that's a separate matter said Craig Quigley, executive director of the Hampton Roads Military and Federal Fa...

Full article: http://www.stripes.com/news/us/defense-contractors-to-hit...

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