It happened in the school yard of Grover Cleveland Elementary on the 3900 block of North 19th Street.
Officers on patrol came across the man armed with a shotgun, firing into the air.
Authorities ordered the man to cease fire but instead the man pointed his gun at police, fired a shot and missed.
Police returned fire but also missed.
As the man fled the scene, officers followed on foot but the subject was never apprehended.
This was the second incident involving celebratory gunfire overnight.
The first happened shortly after midnight on the 3200 block of North 32nd Street in Strawberry Mansion.
Police caught an armed man firing shots into the air. The man refused to drop his weapon and pointed the gun at police.
Officers fired at the man, forcing him to surrender.
The subject was then taken into custody and faces a number of charges.
No one was injured in either incident.
