Edison Schools inked a new deal with its teachers union this past month, a two-year contract offering modest pay hikes for the first time in two years.
The agreement reinstates step pay increases, which teachers receive as experience grows.
Base pay, however, will remain frozen, according to the contract.
Teachers will also contribute more to their insurance plans and the state retirement system, meaning the deal is nearly an even split.
School board members officially OK'd the new agreement at a meeting May 21.
"These were very amicable negotiations, and it's a nice, mutual agreement," superintendent Tom Roth said. "We feel everyone gained and gave on things."
In their past two-year agreement, teachers agreed to freeze both their step and base pay increases, Roth said. This past month's agreement is retroactively effective, meaning teachers will receive any experience-based pay increases, or "steps," lost in the past two years because of the freeze.
Anne Arnold, the district's treasurer, wasn't available Friday to explain how the contract specifically impacted the district's updated five-year financial forecast.
The new forecast, which board members also approved May 21, projects a positive cash balance through the 2016-17 school year. The district's annual operating budget is about $15 million.
Projections have improved since voters approved a 7.9-mill, five-year levy this past May, which generates an additional $1.8 million annually for the district, Roth said.
"We want to make certain the community understands we're very grateful for the passage of the levy, and we still want to be as fiscally prudent as possible," he said.
The district's financial forecast is available on the Ohio Department of Education's website.
Note: This story has been modified to correct a previous version, which contained inaccurate information regarding teacher compensation.