The BC Ministry of Education announcement about 2012-13 operating grants estimates includes "new" funding to districts of $11.2 million for vulnerable students, $10.7 million for districts to implement elements of the Education Plan, and $21.8 million to address "districts' differing geographic circumstances." This makes for a total of $43.7 million in "new" funding for these supplements, yet 2012-13 operating grants estimates increase by only $4 million, from $4.721 billion in 2011-12 to $4.725 billion in 2012-13. This suggests that most of the "new" funding is actually a shift of funding between categories within the funding formula. While increased funding for vulnerable students is welcome and essential, the benefits arising from this funding should be evaluated in the context of the adverse effects of budget shortfalls on students as a result of cuts to programs and services in other areas. For example, in an effort to deal with an anticipated shortfall of $8 to $8.5 million in 2012-13, the Vancouver School Board hired Price-waterhouseCoopers (PwC) to identify areas of cost-savings, some of which, if implemented, could directly affect vulnerable students, such as changes in reimbursement criteria for bus fare and changes in school cafeterias providing meals to students in need. What is needed to address the funding crisis in BC public schools? What is needed is an assessment of the overall impact of funding policies on students and families, weighing the benefits of these newly-announced funding initiatives against the adverse impact of cutbacks arising from district budget shortfalls such as school closures, staff layoffs, larger classes, and loss of educational programs and services. (Contains 12 footnotes.)