Preparation of annual budget for municipality in need of stabilization and recovery

8. In a municipality in need of stabilization and recovery, the director may prepare the annual budget or instruct the municipal governing body to prepare and submit a proposed annual budget. If the municipal governing body is submitting a proposed annual budget, the director shall fix a date for the municipal governing body to submit that budget to the Local Finance Board, and the board may approve the budget, modify it or instruct the director to prepare an alternative budget. If the director prepares the budget, it shall be submitted to the Local Finance Board for its approval. Once a budget is approved by the Local Finance Board, the budget shall be deemed adopted. a. The director shall have the authority to make temporary appropriations necessary for the period prior to the adoption of the budget, and to make emergency temporary appropriations pursuant to N.J.S.40A:4-20 to meet an urgent situation or event which immediately endangers the health, safety, or property of the residents of the municipality, and to make emergency appropriations pursuant to N.J.S.40A:4-46. b. The director shall have the authority to spend money and authorize expenditures, in accordance with the approved budget or any temporary or emergency appropriations.