The Town Council may fix its own compensation and the compensation of the Mayor and any other elected officers of the municipality by adoption the ordinance concerning the annual budget, but the salary of an elected officer, other than a member of the Town Council, may not be reduced during the then-current term of office unless the Mayor agrees thereto. The Mayor, Town Council members, and other elected officers are entitled to reimbursement for actual expenses incurred in the course of performing their official duties at rates not in excess of those allowed to other municipal officers and employees, or to a fixed allowance, the amount of which shall be established by the Town Council for travel and other personal expenses of office, provided, any fixed allowance so established during a term of office shall not be increased during such term of office.