The fiscal year of the city shall begin on January 1 and end on December 31 in each year, until otherwise provided by law.
For each fiscal year, the mayor with the assistance of the city administrator shall prepare a budget document consisting of a budget message, a current operating expense budget, a capital budget, a budget summary, and such explanatory schedules, charts and exhibits as the mayor may deem appropriate or as the council may require.
The city administrator shall annually require each department head to submit requests for appropriations for the ensuing budget year, and to appear before the administrator at a scheduled public hearing to justify such request. The city administrator, with the assistance of the department of administration and finance, shall compile, review and analyze departmental requests for appropriations, and shall make his recommendations with respect thereto to the mayor.
Not less than 90 days before the end of each fiscal year the planning board established pursuant to law shall prepare and transmit to the mayor and the council a proposed capital budget in such form and covering such period of years as will comply with the requirements of capital budgeting established by or pursuant to State law. As to each project, the proposed capital budget shall at least set forth the estimated cost, its priority as compared with other projects required by the city, its method of financing, and the amount required for the "down-payment" under the local bond law; the amount of bonds to be issued and the amount to be raised by other sources; together with an estimate of the effect of the acquisition and operation of each project upon the current operating expense budget.
The mayor, with the assistance of the city administrator, shall review the various budget proposals, estimates of revenues, and related data, and shall, in the exercise of his discretion and judgment, prepare and submit to the council the budget document. The current operating expense budget and capital budget included in the budget document shall be known as the executive budget. The budget document shall be transmitted by the mayor to the council not less than 30 days prior to the last day for introduction of the budget ordinance as prescribed by the local budget law.
(a) 
The council shall consider the executive budget, make available for public distribution copies of the budget document, and cause a budget ordinance to be introduced, published and hearing thereon held pursuant to the local budget law.
(b) 
The council may increase, decrease, or eliminate any item in the executive budget for current operating expenses, except that it may not increase any item unless, upon separate motion as to each increase, 2/3 of the members of the council shall vote in favor thereof.
(c) 
The council may include, exclude, increase, or decrease a capital outlay or capital project contained in the executive budget, and may add capital outlays and capital projects thereto. Any capital outlay or project not included in the executive budget shall be referred to the planning board for a report and recommendation prior to council's action thereon. The planning board shall report within 30 days and may recommend either that the project or outlay be approved or that it be disapproved or deferred. In the event that the planning board should recommend that the project or outlay be disapproved or deferred, such project or outlay shall not be included in the budget adopted by the council except upon a favorable vote of 2/3 of the members of the council, upon separate motion as to each project or outlay. If the planning board should fail to report within 30 days, it shall be deemed to recommend approval. The requirements of this section shall be in addition to any imposed by the "Municipal Land Use Law," P.L. 1975, c. 291 (C. 40:44D-1 et seq.) and the "Local Budget Law," N.J.S. 40A:4-1 et seq.
The council shall, except as otherwise required by this article, enact a current operating expense budget and a capital budget in accordance with the requirements of the local budget law.
(a) 
The adopted budget shall be administered in accordance with the requirements of general law.
(b) 
The council shall include in an administrative code appropriate provision for the maintenance of a system of work programs and periodic allotments for the operation of the current operating budget. The city administrator, so far as feasible, shall install and maintain procedures to develop and report appropriate unit costs of budget expenditures.
(c) 
The council shall include in an administrative code provision for the exercise of a control function in the management of the city's finances. The control functions shall include provisions for an incumbrance system of budget operations, for expenditures only upon written requisition, and for the pre-audit of all claims and demands against the city prior to payment without action by the council, and for such other safeguards of the public treasury as may be required by general law or as the council may deem appropriate.
The council shall provide by administrative code for such centralized purchasing, personnel and management services as may be necessary or desirable for the efficient and economical administration of the city government.
Each board, commission, corporation or other entity providing municipal services within the city, shall comply with the requirements of the administrative code for budget preparation, budget administration, financial procedures and controls, with respect to expenditure of municipal funds, notwithstanding the provisions of any other law.