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The Council shall have the power to fix the compensation of the Mayor, its own members and the compensation of each employee of the City, including officers and members of any board or commission of the City, whether elected, appointed or chosen, and to establish bond for the faithful discharge of the duties of office. The premium on any bond required by the Council shall be paid by the City. The compensation of all elected officials shall be fixed prior to the date set for filing for an office in the regular municipal election for terms of office beginning on the next succeeding first day of January, and shall not thereafter be changed in respect to any such term or terms or any part thereof. The salaries of appointed officials shall not be reduced during their term of appointment unless requested by the Mayor. The Council may authorize the payment or reimbursement of expenses incurred in the furtherance of the interest of the City by any official, employee, or member of any department, board or commission of the City.