§ 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.