There is hereby created the Office of the Village Budget Officer who shall be designated by the Village President, with the approval of the corporate authorities. The Village Budget Officer shall serve at the pleasure of the Village President and may be removed by the Village President at any time. The Village Budget Officer may hold another village office or position, either elected or appointed, and may receive compensation for both offices, unless one of the offices is a full-time position for which the officer is being compensated for on a full-time basis. If the Village Budget Officer is to be compensated, the compensation shall be determined from time to time by the Village President and Board of Trustees.