Sec. 1. Established as from July first through next succeeding June thirtieth.
   During the year 1958, the fiscal year for the Town of Middletown shall end on the 30th day of June and the new fiscal year shall begin on the 1st day of July, and thereafter annual fiscal years shall begin respectively on the 1st day of July and end on the 30th day of June of the succeeding year. (P.L. 1958, ch. 5, § 1.)