§ 71 — Abolition, maintenance and establishment of funds

§ 71. Abolition, maintenance and establishment of funds. 1.\nNotwithstanding any provision of law to the contrary, each fund\nestablished prior to the effective date of this section other than by\nlaw and in existence at the time of the effective date of this section,\nshall be either abolished or continued in existence by the comptroller\nwith the concurrence of the director of the budget. The balance in any\nfund so abolished shall be paid into the appropriate fund. The\ncomptroller, after consultation with the director of the budget and the\nheads of agencies and public benefit corporations significantly involved\nin the operations of such funds, but in no event later than one hundred\ntwenty days following the effective date of this section, shall submit\nto the legislature and the governor a report specifying the action\nwhich, with the concurrence of the director of the budget, he has taken\nor intends to take in regard to every such fund and the fund type into\nwhich he intends to classify each fund so continued. The comptroller\nwith the concurrence of the director of the budget, at any time\nfollowing the submission of this report, may abolish any fund\nestablished other than by law provided that at the time of such action\nhe shall submit a notice of such action and the reasons therefor to the\nlegislature and the governor.\n 2. The comptroller, after consultation with the director of the budget\nand the heads of agencies and public benefit corporations significantly\ninvolved in the operations of funds established by law but in no event\nlater than one hundred twenty days following the effective date of this\nsection, shall submit to the legislature and the governor a report\nspecifying every such fund and setting forth for each such fund a\nrecommendation of the comptroller as to the desirability of repealing\nthe statute establishing such fund, continuing the statutory\nauthorization for such fund, or modifying the statute establishing such\nfund in one or more particular respects. Such report shall also indicate\nthe fund type into which the comptroller intends to classify each fund\nestablished by law in the event that the legislative action recommended\nin such report as to that fund is enacted and the fund type into which\nhe intends to classify each fund if no legislative action is taken in\nregard to that fund.\n 3. The comptroller with the concurrence of the director of the budget\nmay establish such additional funds as are necessary to properly manage\nand account for the financial activities and resources of the state,\nprovided that in establishing funds and in continuing funds, only the\nminimum number of funds necessary to comply with legal requirements and\ngenerally accepted accounting principles shall be established and\ncontinued and provided that at the time an additional fund is\nestablished he shall submit to the legislature and the governor a notice\nof such action and a statement setting forth the initial date of such\naction, the sources and uses of the financial resources of such fund,\nthe fund type into which he intends to classify such fund, and an\nexplanation of the necessity for its establishment.\n