Section 70. Classification of funds  


Latest version.
  • 1. The comptroller shall establish the
      necessary  fund  types  required  to  comply  with  generally   accepted
      accounting  principles.  When the establishment or elimination of a fund
      type would be required to  implement  a  change  in  generally  accepted
      accounting principles, the comptroller shall designate an effective date
      for  the  establishment or elimination of the fund type to coincide with
      the date of implementation of new accounting principles.
        2. The comptroller shall classify each fund, not  classified  by  law,
      into  a  fund  type  for financial reporting purposes, provided that the
      classification of funds established by  the  comptroller  shall  conform
      with  generally  accepted  accounting  principles, except insofar as the
      comptroller may choose to deviate  from  generally  accepted  accounting
      principles  pursuant  to section eight-a of this chapter. In classifying
      each fund, in accordance  with  the  provisions  of  this  section,  the
      comptroller  shall  consult with the director of the budget and the head
      of any agency or public benefit corporation  significantly  involved  in
      the  operations  of such fund. If at any time the comptroller determines
      that it is necessary and appropriate to  reclassify  a  fund  which  has
      previously   been   classified,   he   shall   at   the   time  of  such
      reclassification submit a notice of his action and the reasons  therefor
      to the legislature and the governor.