(a) On or before January 1 preceding a regular municipal election, the governing body of a Type A general-law municipality shall set:
(1) the salary and any fees of office of the mayor to be elected at that election, if the office of mayor is to be filled at the election;
(2) the compensation of each other elected officer to be elected at that election; and
(3) the compensation of each officer appointed by the governing body.
(b) An officer’s compensation set under this section may not be changed during the term for which the officer is elected or appointed.