The Vancouver School Board’s Finance Committee was held on the evening of Monday September 12, 2022. 

The meeting began with a motion from the May 30 public Board meeting regarding the investigation and exploration of a foundation and company for the District. Noting last year’s structural deficit caused by expenditures not funded by the Ministry of Education and Child Care, staff highlighted the need to find alternate means of generating revenue for the District. 

A foundation would allow funds to be received by the District, while a company that is incorporated would have the ability to earn profit. With the District being its only shareholder, it would receive dividends from the company. 

It was also noted that the District previously had a foundation that dissolved in 2013 and a business company that dissolved in 2016. 

The committee then asked questions about how a foundation for the District would function. Following discussion, trustees were in favour of recommending that the motion to investigate a foundation and company for the District be sent to the Board for further consideration. 

Next, the committee presented audited financial statements for the 2021-2022 school year. Staff emphasized the need to work collectively to address the structural deficit in the District’s budget. 

The committee then received an update on the Student and Family Affordability Fund. Announced on August 29, 2022, the new provincial fund is $60 million in one-time funding to school districts that must be spent within the 2022-2023 school year—the District’s allotment is $4.7 million. The funds serve two main purposes: to improve students’ access to nutritional food/meals before, during and after the school day; and to directly offset costs to parents, guardians and students for school supplies or other cost pressures. It was noted that before allocating funds, the District will engage with Indigenous rightsholders, Vancouver District Parent Advisory Council and equity-deserving communities. Following the engagement process, an interim high-level report will be presented in January 2023 as well as a detailed final report at the end of the school year. The engagement and reports are both required by the province. 

To keep up to date with all of the District’s committee and Board meetings, see the calendar for meeting dates, agendas and livestream links. All recordings of past meetings are available on the District’s YouTube channel.