Article 1. General - California Government Code Section 13306

13306.  (a) The Department of Finance, with the concurrence of the
Controller, may establish additional funds as are necessary to
properly manage and account for the financial activities and
resources of the state, provided that only the minimum number of
funds necessary to comply with legal requirements, "Generally
Accepted Accounting Principles," and effective financial
administration shall be established. The department may abolish funds
established under the authority of this subdivision.
   (b) The Department of Finance, with the concurrence of the
Controller, may abolish funds established by statute that have been
inactive for a period of four years upon notification in writing to
the Joint Legislative Budget Committee. Abolition of funds
established by statute shall become effective no earlier than 30 days
after the date of this notification. If these funds are abolished
and subsequently are found to be needed, the department, with the
concurrence of the Controller, may reestablish these funds.
   (c) Because complete conformance to "Generally Accepted Accounting
Principles" may be impractical or not authorized, the Department of
Finance is authorized to deviate from them if conformance would not
be in the best interests of the state, and if the department notifies
the Controller of additional major deviations and the Controller
agrees with the deviations prior to implementation.
   (d) The Department of Finance shall notify the Joint Legislative
Budget Committee when major changes are proposed to the accounting
system to bring it into conformance to "Generally Accepted Accounting
Principles." The notification shall include an estimate of the
fiscal effect of the major changes being proposed.

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Last modified: February 16, 2015