The Constitution of the State of New York, Article V – The State Comptroller shall be required: (1) to audit all vouchers before payment and all official accounts; (2) to audit the accrual and collection of all revenues and receipts; and (3) to prescribe such methods of accounting as are necessary for the performance of the foregoing duties.

The State Finance Law provides more detailed general fiscal provisions for accounting for appropriations, state funds, and financial reporting. Sections 8, 8-A and 8-B specifically provide for the duties of the State Comptroller which includes reporting requirements on both a budgetary (cash) basis and generally-accepted accounting principles (GAAP). Budgetary basis reports are required to be issued within 15 days of the end of each month, quarterly, and annually. GAAP-based reports must be issued quarterly and annually.

In addition, there are many other state statutes that govern the receipt and disposition of state revenues or govern how or when state funds are spent. References to these statutes are included in the respective sections of this Guide where these statutes govern statewide policies that must be followed.

Guide to Financial Operations

REV. 03/19/2012