The compensation of members of Council and the Board of Public Affairs shall be twenty-five dollars per meeting attended, but not to exceed thirty-six meetings in each calendar year. The compensation of the members of Council and the Board of Public Affairs may be increased or decreased by ordinance or resolution, but an increase in such compensation shall not become effective until January 1 of the year following the next regular municipal election that occurs at least six months after the passage of the ordinance or resolution increasing the compensation.