"The starting salary for new cops will jump from approximately $36,000 to $42,000.
The department suffered a recruiting crisis after starting pay was slashed to $25,100 in 2005. It was raised to $36,000 in May.
The pact brings a 51/2-year veteran cop's pay up to $76,488, compared to the present $65,382.
The pay spikes to approximately $91,823 when longevity boosts, holiday pay and night-shift differentials are added in, the city said.
"The contract provides stability to a key labor force in our city," Bloomberg said.
PBA President Patrick Lynch called the first negotiated deal in almost 15 years a "historic pact."
He added that the contract will move city cops' salaries closer to what officers in neighboring suburbs are receiving.
"I've never been shy to stand on the steps of City Hall . . . and say when something is wrong," he told reporters. "Well, I'm equally not shy to stand inside City Hall and say something is right."
The average cop can expect to receive $8,000 in retroactive pay, according to the city.
The total cost of the agreement is $470 million.
The agreement restores vacation days for new hires - and gives cops back the day they use to qualify at the shooting range.
The proposed contract includes minor concessions from the PBA.
Cops performing investigative duties - known as "white shield detectives" - will have to work additional tours.
The PBA also agreed to drop six pending lawsuits against the city, including one filed by cops over restricting where they could protest during the 2004 Republican National Convention.
Cops on the beat were happy about the raises.
"God, finally something decent," one officer said. Another added, "We are New York's Finest - we deserve it."
Whoops. Look for one helluva spike in cops gone bad. They're feeling special again and we know what that portends.
Since Wall Street is taking a beating, NYC revenues, hell the entire states, is in the toilet. And at a time when the Governor is asking for everyone to shoulder the burden the FINEST demur and instead get nearly half a billion tossed their way.
Way to go fella's and gal's.