Council shall have the power to fix its own compensation and that 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 a bond or approve an insurance policy for the faithful discharge of the duties of the office. The premium on any bond or policy required by Council shall be paid by the City. The compensation of the mayor and each member of Council shall be fixed at least thirty days prior to the filing deadline for nominating petitions for the terms beginning on January 1 of the following year, and shall not thereafter be changed in respect to any such terms or any part thereof. Council may authorize the payment or reimbursement of expenses incurred by any officer, employee, or member of any board or commission of the City for travel or otherwise in the interest of the City.