The governing body creating the planning commission, by a general or special rule, may provide for the reference of any other matter or class of matters to the commission before final action is taken thereon by the governing body, or by the municipal officer having the final authority thereon, with the provision that final action shall not be taken thereon until the planning commission has submitted its report or has had a reasonable time, as fixed in said rule, to do so. The planning commission may make such investigations, maps, reports, and recommendations in connection therewith relating to the planning and development of the municipality as to it seems desirable, but the total expenditures of the board in such matters shall not exceed the funds available therefor.