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Indianapolis is major city and mayoral compensation lags significantly behind smaller cities in the state (i.e. Carmel, Noblesville, Westfield). The position should pay at least $150,000 annually. The Mayor must consider future candidates and their ability to serve while being properly compensated. If the reason not to accept an increase for himself is a personal choice, it would be beneficial to reconsider the proposal for the next mayor prior to leaving office.
If Mayor Hogsett does not want to accept the pay raise, that’s fine for him to be so noble, and he can just have the difference withheld or returned to the City Coffers until he is out of office. However, to David B’s point, to attract qualified candidates for the job, the position should be fairly compensated for the Next Mayor.
It is unfair and short sighted of Mayor Hogsett not to consider the other County Offices he is denying the opportunity for fairly compensated base salaries. If you want good government headed by qualified candidates, you need to fairly and competitively compensate them to attract candidates to leave the private sector.