Each county, incorporated city or town, and taxing district situated within this State, if it has not already done so on or before June 30, 1966, shall adopt as its period for recording and reporting all of its fiscal transactions, the fiscal year defined in Article 24, § 1-102 of the Code, as amended from time to time. Each county, incorporated city or town and taxing district shall thereafter keep and maintain its books, records, journals, and fiscal reports by such method or methods as will permit the accounting and reporting of all data, statistics, and financial information contained therein for this fiscal period, and it shall be the fiscal year for all such political subdivisions.