N.Y. State Fin. Law § 70

§ 70. Classification of funds. 1. The comptroller shall establish the\nnecessary fund types required to comply with generally accepted\naccounting principles. When the establishment or elimination of a fund\ntype would be required to implement a change in generally accepted\naccounting principles, the comptroller shall designate an effective date\nfor the establishment or elimination of the fund type to coincide with\nthe date of implementation of new accounting principles.\n 2. The comptroller shall classify each fund, not classified by law,\ninto a fund type for financial reporting purposes, provided that the\nclassification of funds established by the comptroller shall conform\nwith generally accepted accounting principles, except insofar as the\ncomptroller may choose to deviate from generally accepted accounting\nprinciples pursuant to section eight-a of this chapter. In classifying\neach fund, in accordance with the provisions of this section, the\ncomptroller shall consult with the director of the budget and the head\nof any agency or public benefit corporation significantly involved in\nthe operations of such fund. If at any time the comptroller determines\nthat it is necessary and appropriate to reclassify a fund which has\npreviously been classified, he shall at the time of such\nreclassification submit a notice of his action and the reasons therefor\nto the legislature and the governor.\n