The idea was discussed at Monday night's regular Council meeting.
But after a long night of debate, a vote on the plan, was held over.
The raises were proposed by Council President John Cordisco.
He's calling it a "yearly cost of living increase."
Under the plan, council members and the mayor would receive a raise each year, based on the rate of inflation.
For example, if inflation goes up 4 percent, so would their salaries.
But the idea drew mixed feeling among city council.
"It gives council members and the mayor the ability to have a small, very small pay raise annually without any government, any political action going on between it," says Councilman Bob Weslar.
"Taxpayers are saying we don't get a raise. WE are now going to have to pay taxes on property, that because of the flood we can't use. What are we doing in that regard?" says Councilman Tony Massar.
Since 1991, City council members have been paid 75 hundred dollars a year.
The Mayor's salary was increased to 60 thousand a year back in 2004.
If the plan eventually passes, the first salary increase would be in 2008 for Council members, and 2010 for the Mayor, or the start of that positions new term.
But, council did approve yearly raises for the city clerk and deputy city clerk.
Both positions have not had a raise since 2004.
The clerk currently makes 43-thousand dollars.
City Council also voted to sell the dead end portion of Water Street, for 27-thousand dollars, to the Binghamton University Education and Community Development Center, which is being built on Washington Street.
And finally, council voted to approve the construction of a memorial monument for 35 victims of the 1913 Binghamton Clothing Factory fire.