Municipal budget
A town's yearly spending plan. The governing body, such as the town council, must first introduce and approve it and then formally adopt it, by deadlines set in state law.
New Jersey example
For towns on a calendar-year budget, a law signed December 23, 2025 (P.L.2025, c.185) wrote into law deadlines of March 31 to introduce and approve the budget and April 30 to adopt it, or the next regular meeting after those dates. Governing body members who fail or refuse to follow the budget law can face a personal penalty of $100 a day.
Official source
This is a plain-English summary. Rules and dollar amounts change, so check the official source or a professional before you file or sign anything.