Council shall fix the compensation of its members and of each official, employee and member of any board or commission of the Municipality. Any such person may be required by Council to furnish a bond for the faithful performance of his or her duties, and Council may provide that the premium for any such bond shall be paid by the Municipality. The compensation of the Mayor, Clerk, Treasurer and each member of Council shall be fixed at least thirty days before the time for filing nominating petitions for the terms beginning on the next succeeding first day of January, and shall not thereafter be increased in respect of any such terms or any part thereof, nor decreased except with the consent of the official involved. The compensation of each other official, employee and member of a board or commission shall be fixed by Council, and, subject to the power of Council to provide otherwise by ordinance or resolution, may be changed at any time in its discretion. Council may authorize the payment or reimbursement for travel or other expenses incurred in the interests of the Municipality by any official employee, or by any member of any board or commission of the Municipality.