On and after the effective date of this Charter the compensation of members of Council, the Mayor, and members of all boards and commissions established by or under this Charter may be increased at any time; however, if such increase occurs during the term of persons holding such positions, the increase shall not be effective as to such persons until the expiration of two (2) years after the effective date of the ordinance increasing such salaries, or the end of the term of the persons holding such positions, whichever shall occur first. The compensation of members of Council, the Mayor and members of all boards and commissions shall not be decreased during the term for which they were elected or appointed except that in the event the Mayor no longer exercises judicial functions, the salary of the Mayor shall be reduced to that of a Councilperson plus an honorarium of one hundred dollars ($100.00) per year. The compensation of all other officers and employees of the Municipality may be increased or decreased at any time by ordinance. The payment of allowances for expenses or the reimbursement of expenses and the granting of fringe benefits, as may be provided by the Council, shall not be considered an increase in compensation that is prohibited by this section.