(CNN) -- Philadelphia's 218 public schools will open on time in September after Mayor Michael Nutter assured the school district on Thursday it will receive $50 million that Superintendent William Hite demanded last week. Hite gave the city an ultimatum, saying the school district would not open on time if it did not receive a funding guarantee by Friday. This came after the layoff of close to 3,800 employees this summer due to a "drastic financial shortfall." The massive layoffs included aides, assistant principals, social workers and arts teachers. "I'm here to say I will not risk a catastrophe," Nutter said Thursday, "We will avoid this disaster."
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Philadelphia's schools will receive $50 million the superintendent said is needed
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Mayor Nutter directed city officials to take the steps needed to borrow the $50 million
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School Superintendent Hite expresses his appreciation to the mayor
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Philadelphia's 218 public schools will now open their doors on September 9
Michael Nutter
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@placeholder directed the city finance director, the city treasurer, and the budget director on Thursday to begin immediately taking all steps necessary for the city to borrow $50 million on behalf of the school district, Nutter said in a written statement.
Michael Nutter
Nutter
Nutter
Nutter directed the city finance director, the city treasurer, and the budget director on Thursday to begin immediately taking all steps necessary for the city to borrow $50 million on behalf of the school district, @placeholder said in a written statement.