The governing body may from time to time fix and designate the amounts of money to be expended by the municipality for local improvements. Any amount so appropriated may be raised by the issue of bond anticipation notes or permanent bonds. Any municipality may also create a capital fund for the carrying on of local improvements and such capital fund may be raised in any annual tax budget or by the sale of bonds. In making the appropriation the governing body may designate the particular local improvement to which said money so appropriated is to be applied, and in such designation may include one or more of the works set out in this article if the same are so connected as to be part of one general scheme.