Officials said the accord reached Wednesday must be ratified by members of 32BJ of the Service Employees International Union Local 1200 as well as by the School Reform Commission.
Union head George Ricchezza said in a statement that the four-year agreement "will help keep public schools open, provide a clean and safe learning environment for our kids and saves jobs for thousands of hard-working men and women."
School district spokeswoman Evelyn Sample-Oates confirmed the agreement but declined further comment.
The union represents 2,700 bus aides, mechanics, cleaners, building engineers and other workers.
Union leaders earlier said they had put at least $20 million in concessions on the table.