N.Y. State Finance Law § 71: Abolition, maintenance and establishment of funds

§ 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.