Council shall create and maintain a Capital Improvement Reserve Fund and may from time to time transfer or appropriate thereto all moneys accruing to any other fund of the municipality not needed for the purpose of such fund and available for transfer under the general laws of the State and also the unencumbered balance remaining in the general fund of the municipality at the end of any fiscal year. Moneys in the Capital Improvement Reserve Fund shall not be expended for any purpose except the purchase of equipment, apparatus or other property, or to construct buildings, structures roads, and other public improvements needed for the use of the municipality.