The legislature approved the raises as part of the state budget, but school districts must also fund matching raises and bonuses for locally funded employees.
Teachers and parents said they were relieved by the board's decision but concerned about what comes next.
Academic proficiency increased for a third consecutive year. More than half of Wake County schools earned an A or B performance grade.
Years of overspending led to layoffs and higher utility bills, according to the findings.
The district is reviewing five schools as it navigates a budget shortfall driven by declining enrollment and increasing operating costs.
The stakes in the 2026-27 budget center on managing a significant financial gap, with the district projecting a $7 million loss in state funding.