New Jersey § 52:27bb-87

§ 52:27bb-87.

The director shall fix a date for the municipal governing body to submit its proposed

annual budget to the board. The board may approve the budget, modify it or instruct the director to prepare

an alternative budget to be submitted to the board for its approval. Once a budget is approved by the board, it shall be deemed adopted. Nothing in this act shall limit the power of the chief administrative officer of the

municipality and the municipal governing body pursuant to law in consultation with

the director to determine within funds available in its annual budget the purposes

for which expenditures are to be made by the municipality and the amounts of those

expenditures, subject to law and the general requirements imposed by the board on

the financial affairs of the municipality. The board may approve a budget which exceeds the spending limitations of P.L.1976,

c. 68 ( C. 40A:4-45.1 et seq. ). If the board finds that the appropriation of the amounts required for “deferred charges

and statutory expenditures” other than debt service, cannot be made without a probable

increase in the cash deficit, the board may authorize by written order an appropriation

of less than the full amount required for “deferred charges and statutory expenditures”

but not less than the greatest amount that the board finds possible without an anticipated

increase in the cash deficit. If a liquidation fund has been created in the municipality, in accordance with section

83 of this act, the board may authorize the appropriation to be made to the liquidation

fund in lieu of that for “deferred charges and statutory expenditures.” This section shall not be construed to authorize the appropriation of less than the

full amount required for the payment of debt service, for a judgment, or for any other

item for which the municipality is obligated by contract to appropriate a specific

sum.