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 1st of the following calendar year. In the event that the Council shall fail 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 salary and benefits established for each office and in effect on the effective date of this Charter.