(A) In order to equate the compensation of the Mayor and Council Members with the purchasing power of the dollar, the Department for Local Government shall compute by the second Friday in February of every year the annual increase or decrease in the consumer price index of the preceding year by using 1949 as the base year in accordance with section 246 of the Constitution of Kentucky which provides that the Mayor in cities other than the first class and Council members shall be paid at a rate no greater than seven thousand two hundred dollars ($7,200) per annum.
(B) The City Council shall set the compensation of the officer in accordance with KRS 83A.070 at a rate no greater than that stipulated by the Department for Local Government.
(KRS 83A.075)