N.J. Stat. Ann. § 40:72-16

If, at the beginning of the term of office of the first board of commissioners elected in any municipality under the provisions of chapters 70 to 76 of this title (s. 40:70-1 et seq.), the appropriations for the expenditures of the municipal government for the then current fiscal year have been made the board may by ordinance revise, repeal or change such appropriations and make additional appropriations.