N.J. Stat. § 40A:4-43
The governing body may and shall, when directed by the local government board, prepare, approve and adopt a budget for the expenditure of public funds for capital purposes to give effect to general improvement programs.
A capital budget shall be a plan for the expenditure of public funds for capital purposes, showing as income the revenues, special assessments, free surplus, and down payment appropriations to be applied to the cost of a capital project or projects, expenses of issuance of obligations, engineering supervision, contracts and any other related expenditures. The capital budget for a local unit that is required to prepare an asset management plan pursuant to section 7 of the "Water Quality Accountability Act," P.L. 2017, c. 133(C.58:31-7) or that holds a permit pursuant to the "Water Pollution Control Act," P.L. 1977, c.74 (C.58:10A-1 et seq.) shall identify the infrastructure improvements to be undertaken in accordance with the local unit's asset management plan or pursuant to any rule or regulation pertaining to asset management adopted by the Commissioner of Environmental Protection pursuant to P.L. 1977, c.74 (C.58:10A-1 et seq.), as applicable, and their cost.
N.J.S. § 40A:4-43