535 San Francisco Unified School District teachers will receive layoff notices this morning due to state cuts in education funding. Today's pink slip handouts stem from Gov. Arnold Schwarzenegger's budget '09, which will see San Francisco schools losing around $40 million. According to CBS 5, Mayor Newsom is doing what he can, even if it's a Band-Aid solution to a longterm problem.

Mayor Gavin Newsom has said he plans to ask the Board of Supervisors to allow the schools to tap into the city's rainy-day fund to help soften the financial blow, but officials admit that would only provide a "short-term solution."

CBS 5 goes on to say that "layoffs could ultimately total as many as a thousand." Yikes. The job terminations will go into effect once the school year ends.