The City Council hereby authorizes the Planning Board of the City of Ocean City from time to time to prepare a program of municipal capital improvement projects and amendments thereto, projected over a term of at least six (6) years. Such programs may encompass major projects currently being undertaken or future projects to be undertaken with Federal, State, County and other public funds or under such agency's supervision. The first year of such program shall, upon adoption by the City Council, constitute the capital budget of the City of Ocean City 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 revenue, if any, as well as existing sources of funds or additional sources of funds for the implementing 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 City of Ocean City, as well as other municipal land use controls.