We encourage the committee to also explore the opportunity for a national outcomes fund to identify and scale what works over the long term.
A national outcomes fund is a dedicated fund that offers matching contributions to other orders of government adopting outcomes-based funding models. In the U.K., many outcomes funds draw their resources from dormant bank accounts rather than the federal budget. The Bank of Canada estimates that there are approximately $678 million in unclaimed assets that the government could potentially draw upon for the outcomes fund and What Works Centre.
In B.C., this approach is used to apply a portion of unclaimed funds to the Vancouver Foundation for philanthropic purposes.
A national outcomes fund could provide capital for outcomes-based funding arrangements like social impact bonds in addition to grants to test and evaluate new, innovative programs. This blended approach to risk allows us to use resources more efficiently and to innovate.
A Canadian What Works Centre could be associated with the outcomes fund to define the measurement approach, agree on common indicators, and inform funding allocations. It could also help organizations build capacity to measure their own impact, making the outcome fund's investments more targeted and effective over time.
We applaud the committee's commitment in addressing this important issue. Social impact bonds and social finance tools are one approach to mobilize the capital needed to achieve a successful outcome. We consider the proposal for a What Works Centre and a national outcomes fund to be preconditions for exploring a social impact bond contract.
Furthermore, we encourage the committee to focus on indigenous-led solutions and invest in the long-term infrastructure that is needed to create meaningful social change. A national outcomes fund, with support from a What Works Centre, could work together to explore outcomes-based funding arrangements with the existing evidence base and also experiment with new, untested programs and services.
Thank you for your time and attention. My colleague and I welcome any questions you may have.