(a) The Finance Division of the Department of Administration is hereby continued except that the budget section is transferred to and shall become a part of the Department of Revenue on the effective date of this section as amended in the year two thousand four. The Finance Division shall be under the supervision and control of a director, who shall be appointed by the secretary. There shall be in the Finance Division an accounting section and a financial accounting and reporting section.
(b) The accounting section shall have the duties conferred upon it by this article and by the secretary, including, but not limited to, general financial accounting, payroll, accounts payable and accounts receivable for the Department of Administration.
(c) The financial accounting and reporting section shall establish and maintain the centralized accounting system required by section twenty-four of this article and issue annual general purpose financial statements in accordance with generally accepted accounting principles and with this article.