(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
@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.