The Philadelphia Federation of Teachers’ contract is final: The city’s school board formally adopted it Thursday.

That means 14,000 teachers, school nurses, counselors, secretaries, and paraprofessionals will soon see raises and $1,400 bonuses in their paychecks. The three-year deal includes 3% pay bumps every year.

PFT members ratified the contract a week ago by a 69% to 31% margin.

The board’s unanimous action came at a special school board meeting where officials voted to borrow $1.5 billion just to keep the district running — a move that comes with $30 million in borrowing costs — while the district awaits state funds amid a Harrisburg budget stalemate.

The last step in the contract’s adoption came after a summer of saber rattling, averting a threatened labor strike.

Members of the district’s largest union had voted to authorize a work stoppage, but ended up settling on a deal a week before the Aug. 31 contract deadline — ensuring no disruption to school.

Superintendent Tony B. Watlington Sr. said the contract was good news, and praised the PFT leadership, including president Arthur Steinberg, chief of staff LeShawna Coleman, who served as chief negotiator, and Wendy Coleman, a union vice president.

“You are always fierce advocates for all of your members and are deeply committed to improving the lives of students, families, and employees, and we’re grateful for all of your passion and dedication in this area,” Watlington said.

Board member ChauWing Lam expressed gratitude to the district’s teachers and other workers covered by the contract.

“You are working so hard, and making sure that every single student gets what they need,” Lam said. “Really, the work of the district is impossible without you.”

Reginald Streater, the school board president, said the agreement “reflects our shared commitment to Philadelphia’s students and the dedicated educators who serve them.”

What’s in in the contract

The contract, which expires in August 2027, gives PFT members parental leave for the first time in union history.

It also amends the controversial former “3-5-7-9″ policy, which penalized members for taking their earned sick time, and makes it easier for teachers to reach “senior career” status, or the top of the pay scale.

The pact also provides bonuses for teachers who agree to work in hard-to-staff schools.

» READ MORE: PFT’s new contract includes 3% raises, parental leave, and an easier path up the pay scale

With the contract adoption, beginning district teachers are now paid $55,771; those at the top of the pay scale make $110,720. Paraprofessionals, the lowest-paid PFT members, start at $27,477, and max out, after six years, at $37,962.

PFT members will see their raises in their next paychecks, with retroactive pay — the contract technically was effective Sept. 1 — expected by November. Bonuses will be paid in the last October paycheck.

Officials have not yet said how much the contract will cost the district annually, or how the district will pay for it.

The district is still negotiating deals with the district’s school safety officers’ union, and the union that represents principals and other administrators.