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

PHILADELPHIA (WPVI) -- Philadelphia city and school district leaders just announced a plan 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 make the announcement on Wednesday afternoon.

They say the school district and City Council found a dedicated recurring funding source to help save 340 jobs.

Those jobs were on the chopping block come fall.

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

This is a developing story and will be updated.