The governing body may authorize the Planning Board from time to time to prepare a program of municipal capital projects projected over a term of at least six years and as may be amended from time to time. Such program may encompass major projects being currently undertaken or future projects to be undertaken. The first year of such program shall, upon adoption by the governing body, constitute the capital budget of the City of Port Republic 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 City of Port Republic and shall take into account public facility needs indicated by the prospective development shown in the Master Plan of the City of Port Republic or as permitted by this chapter. In preparing the program, the Planning Board shall confer, in a manner deemed appropriate by the Board, with the Mayor, the Treasurer and other municipal officials and agencies, including the school board. Any such program shall include an estimate of the displacement of persons and establishments caused by each recommended project.

In addition to any other requirements of Subsection A of this section, whenever the Planning Board is authorized and directed to prepare a capital improvements program, every City official, upon the request of the Planning Board, shall transmit to it a statement of all capital projects proposed to be undertaken by the City of Port Republic during the term of the program, for study, advice and recommendation by the Planning Board.