Once in any calendar year and only as a non-emergency ordinance, the Council may determine the annual compensation and benefits of all elected officials of the Municipality to commence not earlier than January 1 of the following calendar year. No ordinance increasing the compensation of the Council or Mayor shall become effective until the date of commencement of the terms of the Mayor or the members of Council elected at the next regular election. If the Council fails to establish salaries and benefits as required in this Section, the current salaries and benefits shall remain in effect until changed in accordance with this Section. The initial salary and benefits of elected officials under this Charter shall be the salaries and benefits established for each office and in effect on the effective date of this Charter.