N.Y. State Finance Law § 70: Classification of funds

§ 70. Classification of funds. 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.