(a) The compensation of an arbitrator selected by a public employer shall be paid by the public employer.
(b) The compensation, if any, of an arbitrator selected by fire fighters, police officers, or both shall be paid by the association representing the employees.
(c) The public employer and the association representing the employees shall jointly pay in even proportions:
(1) the compensation of the neutral arbitrator; and
(2) the stenographic and other expenses incurred by the arbitration board in connection with the arbitration proceedings.
(d) If a party to arbitration requires a transcript of the arbitration proceedings, the party shall pay the cost of the transcript.