LAKE TWP.  Teachers in the Lake Local School district have a new five-year contract, while the new pact helps the district stay on its projected financial path.

Lake Local Schools Superintendent Kevin Tobin said the new contract is in two pieces, one covering July 1, 2016 through June 30, 2019 and the second covering July 1, 2019 through June 30, 2021.

The contract covers all teachers, which is about 210 employees.

"The contract was agreed to after two separate days of negotiating," Tobin said. "The Lake Local Education Association voted to ratify the agreement on May 5, and the Board voted on May 6."

There will be a base salary increase through 2019 by two percent per year and then a two and half percent increase per year through 2021. The contract also states that employee’s share of health insurance will increase by one percent each of the last three years of the contract.

Tobin said the board of education looked at ways to extend the financial stability of the district by offering a five-year commitment to the certified staff.

"The board made a commitment to the constituents of the Lake Local School district that upon passage of the bond issue in the spring of 2015, we would not need to seek operating funds until the 2023 year at the earliest," Tobin said. "The contract allows us to deliver on that commitment.

Tobin said the Lake Local Education Association voted overwhelmingly to ratify the agreement.