§ 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.