From my observation the NBA year seems to run from July 1st until June 30th, so the draft is considered to be part of the previous season. Notice how the collective bargaining always runs out on July 1st? (like it did last time) And they also have that period where they adjust the cap for the next season during the moratorium.
So it would likely be like Army_of_One_Nation thinks it should
be, although I'm no authority on the rules or even know what they might be in this case.