Just after midnight, union president Jeff Follmer said officers voted to approve it by a vote of 610 to 141.
The new agreement gives officers a general raise of 5% plus increases of 2%, 2% and 2%.
This comes at a time when the size of the Cleveland Division of Police is shrinking with officers leaving at a rate far above what is normal.
Many officers have retired, although many others have simply resigned to take jobs with other departments.
The pay for Cleveland officers has ranked far behind that in many other cities and suburbs.
While the new contract provides raises, it does not nearly make up for the gap in pay between what officers in Cleveland earn and what officers in many other places take home.
At a recent news conference, Mayor Justin Bibb said the city would not be able to make up the difference all in one contract.
Meantime, pay is not the only reason many Cleveland police officers are leaving the force.
An internal city hall document reviewed by the I-Team shows the city surveyed officers leaving the force. They cited pay, uncertainty over police reform and harsh and/or extreme discipline as the main reasons.
The city has only a few dozen new cadets in training to join the force.
Cleveland City Councilman Mike Polensek, Chairman of the Public Safety Committee, has repeatedly demanded to know what the city administration is doing and going to do to boost the recruitment of more officers.