Section 71. Abolition, maintenance and establishment of funds

1.
  Notwithstanding  any  provision  of  law  to  the  contrary,  each  fund
  established  prior  to  the effective date of this section other than by
  law and in existence at the time of the effective date of this  section,
  shall  be  either abolished or continued in existence by the comptroller
  with the concurrence of the director of the budget. The balance  in  any
  fund  so  abolished  shall  be  paid  into  the  appropriate  fund.  The
  comptroller, after consultation with the director of the budget and  the
  heads of agencies and public benefit corporations significantly involved
  in  the operations of such funds, but in no event later than one hundred
  twenty days following the effective date of this section,  shall  submit
  to  the  legislature  and  the  governor  a report specifying the action
  which, with the concurrence of the director of the budget, he has  taken
  or  intends  to take in regard to every such fund and the fund type into
  which he intends to classify each fund  so  continued.  The  comptroller
  with  the  concurrence  of  the  director  of  the  budget,  at any time
  following  the  submission  of  this  report,  may  abolish   any   fund
  established  other  than by law provided that at the time of such action
  he shall submit a notice of such action and the reasons therefor to  the
  legislature and the governor.
    2. The comptroller, after consultation with the director of the budget
  and  the heads of agencies and public benefit corporations significantly
  involved in the operations of funds established by law but in  no  event
  later  than one hundred twenty days following the effective date of this
  section, shall submit to the  legislature  and  the  governor  a  report
  specifying  every  such  fund  and  setting  forth  for each such fund a
  recommendation of the comptroller as to the  desirability  of  repealing
  the   statute   establishing   such   fund,   continuing  the  statutory
  authorization for such fund, or modifying the statute establishing  such
  fund in one or more particular respects. Such report shall also indicate
  the  fund  type into which the comptroller intends to classify each fund
  established by law in the event that the legislative action  recommended
  in  such  report as to that fund is enacted and the fund type into which
  he intends to classify each fund if no legislative action  is  taken  in
  regard to that fund.
    3.  The comptroller with the concurrence of the director of the budget
  may establish such additional funds as are necessary to properly  manage
  and  account  for  the  financial activities and resources of the state,
  provided that in establishing funds and in continuing  funds,  only  the
  minimum  number of funds necessary to comply with legal requirements and
  generally  accepted  accounting  principles  shall  be  established  and
  continued   and  provided  that  at  the  time  an  additional  fund  is
  established he shall submit to the legislature and the governor a notice
  of such action and a statement setting forth the initial  date  of  such
  action,  the  sources  and uses of the financial resources of such fund,
  the fund type into which he  intends  to  classify  such  fund,  and  an
  explanation of the necessity for its establishment.