Mayor Bloomberg and teachers-union boss Randi Weingarten declared a truce yesterday after months of rancor over his education reforms and accusations that his administration was tone-deaf to stakeholders in the school system.

Labor, immigrant and political activists (including Make the Road by Walking) who had complained about an ongoing overhaul of the school system softened their stance at a hastily called City Hall press conference upon winning concessions on how schools will be funded.

Under the deal, a city plan to funnel more money to historically low-performing and underfunded schools would not factor in teachers’ salaries and would allocate more cash for students not proficient in English.

The development would ensure that no school would lose money.

"Despite all of the yelling and screaming for the publicity angle, we really do work well together," said Bloomberg, flanked by leaders who just weeks ago called for an end to mayoral control of the school system.

Weingarten said she was so pleased with the agreement that her United Federation of Teachers would reconsider staging a planned May 9 protest at City Hall.

Additional reporting by Maggie Haberman