Philadelphia city leaders announce plan to save hundreds of school district jobs

PHILADELPHIA (WPVI) -- Philadelphia city and school district leaders announced a plan on Wednesday to save hundreds of jobs within the School District of Philadelphia.

It's the latest development in an ongoing struggle over a budget shortfall.

Mayor Cherelle Parker, City Council President Kenyatta Johnson and Superintendent Tony Watlington held a news conference to announce an agreement to create a new funding plan. It will provide $48 million a year for the district for the next five years, saving 340 jobs from the chopping block.

City officials have not specified the source of that funding.

Last week, City Council approved a one-time $48 million allocation for the district, which did not guarantee a long-term solution.