UPDATED: 11/12/2012 6 a.m.

GENEVA, Ill. (CBS) – School’s in session Monday in Geneva School District 304 after a threatened teachers’ strike was averted at the last possible moment.

That walkout was due to begin this morning but at 5:30 a.m. the two sides announced they’d reached a tentative contract deal in an overnight bargaining session.

The teachers will vote on the deal Wednesday, and the school board will consider it after that.

Until both sides ratify it, terms of the three-year package are being kept under wraps.

But in the meantime, it will be a normal school day for nearly 6,000 students from pre-kindergarten through high school and their 422 teachers in Geneva District 304.

According to teachers, compensations, for the proposed three-year contract was the only sticking point.

On the district’s website, the school board told residents its offer is for a salary freeze in the first year, a 1.95 percent raise in the second and a 2.75 percent hike in the third.

Before the agreement was announced, Union president Carol Young said teachers had agreed to the first year only.