(A) The Board of Trustees shall, by ordinance, fix the compensation of its own members, the Town Clerk-Treasurer, and the Town Marshal. An ordinance adopted under this section that fixes the annual compensation of an elected town officer shall provide for an annual, monthly, or biweekly salary schedule. An elected town officer is not required to report hours worked and may not be compensated based on the number of hours worked. The Board of Trustees shall provide reasonable compensation for other town officers and employees.
(B) The compensation of an elected town officer may not be changed in the year for which it is fixed, nor may it be reduced below the amount fixed for the previous year.
(C) The Board of Trustees may provide that town officers (including elected town officers) and employees receive additional compensation for services that:
(1) Are performed for the town;
(2) Are not governmental in nature; and
(3) Are connected with the operation of a municipally owned utility or function.
Subject to the approval of the Board of Trustees, the administrative agency operating the utility or function shall fix the amount of the additional compensation, which shall be paid from the revenues of the utility or function.
(IC 36-5-3-2)