At 10 a.m. on Friday, CSU Chancellor Timothy White and CFA President Jennifer Eagan held a press conference after a negotiation was reached to stop the faculty strike scheduled for next week.

An agreement was reached this morning between the CSU administration and the CFA that allows a 10.5 percent general salary increase for faculty over the next three years. It also includes a 2.65 percent service salary increase during the fiscal year for 2017 and 2018 for eligible faculty.

Both White and Eagan said they are “delighted” with the agreement. White pointed out that because this agreement takes place over three years it was easier for the CSU to budget for salary increases.

White said because the CSU administration was already budgeting for a 2 percent salary increase this year as well as more increases in the future, most of the money to pay for the $200 million negotiation will not have to come out of other entities.

There is no word yet on where the rest of the money will be coming from or whether tuition will be affected.

During the press conference, both Eagan and White stressed that the CSUs is overall underfunded.

“Salaries for our faculty are under market,” White said.

The next step is for the negotiation to be voted on and approved, but the negotiation today officially stopped next week’s impending strike.

“This may be the largest strike that never actually happened,” Eagan said

Elizabeth Helmer can be reached at [email protected] or @lizziehelmer on Twitter.