Thanks for reaching out to the Community forum, @dmahoneybr6.
Yes, you can see the previous year on the same report when running the Budget vs. Actual report. All you need to do is to set the Report period to Custom and enter the date you want to compare.
To learn more about running reports, I'm attaching below articles for more information:
If there's anything else I can do for you when running report, let me know by visiting us again. You can count on me. Have a great day!