By Mike DeNardo

Philadelphia got some welcome news this week, with word that federal money would pay for hundreds of school district jobs.

KYW’s Mike DeNardo reports School District chief financial officer Michael Masch estimates that Philadelphia’s share of the $10 billion federal education jobs bill will be $49 million this year and next year.

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He says that’s money that’ll be used to hire 524 more teachers, counselors and other school-based staff:

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With the receipt of Education Job Funds, we will be able to maintain a balanced budget for the 2010-2011 school year without any teacher layoffs and without any cutbacks or reductions in educational programs.”

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Masch says the federal money will help to replace an expected $55 million in aid that did not make it into this year’s state budget.