A. 
The Borough Council may authorize the Planning Board from time to time to prepare a program of municipal capital improvement projects projected over a term of at least six years and amendments thereto. Such program may encompass major projects being currently undertaken or future projects to be undertaken with federal, state, county and other public funds or under federal, state or county supervision. The first year of such program shall, upon adoption by the Borough Council, constitute the capital budget of the Borough as required by N.J.S.A. 40A:4-43 et seq. The program shall classify projects in regard to the urgency and need for realization and shall recommend a time sequence for their implementation. The program may also contain the estimated cost of each project and indicate probable operating and maintenance costs and probable revenues, if any, as well as existing sources of funds or the need for additional sources of funds for the implementation and operation of each project. The program shall, as far as possible, be based on existing information in the possession of the departments and agencies of the Borough and shall take into account public facility needs indicated by the prospective development shown in the Master Plan of the Borough or as permitted by other municipal land use controls. In preparing the program, the Planning Board shall confer, in a manner deemed appropriate by the Board, with the Mayor, the chief fiscal officer, other municipal officials and agencies and the school board or boards. Any such program shall include an estimate of the displacement of persons and establishments caused by each recommended project.
B. 
In addition to any of the requirements in Subsection A of this section, whenever the Planning Board is authorized and directed to prepare a capital improvements program, every department, authority or agency shall, upon request of the Planning Board, transmit to said Board a statement of all capital projects proposed to be undertaken by such municipal department, authority or agency during the term of the program for study, advice and recommendation by the Planning Board.
Whenever the Planning Board has prepared a capital improvement program pursuant to § 100-26 of this chapter, it shall recommend such program to the Borough Council, which may adopt such program with any modification approved by affirmative vote of a majority of the full authorized membership of the Borough Council and with the reasons for said modification recorded in the minutes.
Whenever the Planning Board shall have adopted any portion of the Master Plan, the Borough Council or other public agency having jurisdiction over the subject matter, before taking action necessitating the expenditure of any public funds incidental to the location, character or extent of such project, shall refer the action involving such specific project to the Planning Board for review and recommendation in conjunction with such Master Plan and shall not act thereon without such recommendation or until 45 days have elapsed after such reference without receiving such recommendation. This requirement shall apply to action by a housing, parking, highway, special district or other authority, redevelopment agency, school board or other similar public agency, state, county or municipal.