The governing body 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 governing body, constitute the capital budget of the municipality 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 municipality and shall take into account public facility needs indicated by the prospective development shown in the Master Plan of the Township or as permitted by other municipal land use controls.

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 municipal 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.

In addition to all of the other requirements of this section, any municipality that intends to provide for the transfer of development within its jurisdiction pursuant to Section 3 of P.L. 2004, c. 2 (N.J.S.A. 40:55D-139) shall include within its capital improvement program provision for those capital projects to be undertaken in the receiving zone or zones required as a condition for adopting a development transfer ordinance pursuant to Subsection b of Section 4 of P.L. 2004, c. 2 (N.J.S.A. 40:55D-140).

Whenever the Planning Board shall have adopted any portion of the Master Plan, the Township 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. In addition, this requirement shall apply to any public entity taking any action to permit the location, erection, use or maintenance of an outdoor advertising sign required to be permitted pursuant to P.L. 1991, c. 413 (N.J.S.A. 27:5-5 et seq.).

The Planning Board shall review and issue findings concerning any long-range facilities plan submitted to the Board pursuant to the Educational Facilities Construction and Financing Act, P.L. 2000, c. 72 (N.J.S.A. 18A:7G-1 et al.), for the purpose of review of the extent to which the long-range facilities plan is informed by, and consistent with, at least the land use plan element and the housing element contained within the Municipal Master Plan adopted pursuant to Section 19 of P.L. 1975, c. 291 (N.J.S.A. 40:55D-28) and such other elements of the Municipal Master Plan as the Planning Board deems necessary to determine whether the prospective sites for school facilities contained in the long-range facilities plan promote more effective and efficient coordination of school construction with the development efforts of the municipality. The Planning Board shall devote at least one full meeting of the Board to presentation and review of the long-range facilities plan prior to adoption of a resolution setting forth the Board's findings.