PPTA chief executive Rob Torr said the proposal was not an increased investment in teaching and learning.
"It is a redistribution of existing funds and, whatever the Government chooses to call it, we call it bulk funding."
The meeting was also to discuss the Government's refusal to increase funding for education.
The unions say this is already having an effect on the quality of teaching and learning for children, particularly in terms of special education support, early childhood education and support staff.
Under the bulk funding "global budget" proposal, schools would receive all resourcing in cash and credits for staffing.
The unions say boards of trustees would have to make trade-offs between the number of teachers they employ and other non-teaching costs.
The Education Council has also said it does not "want the changes to result in resources moving away from qualified teachers because we know that quality teaching makes the biggest positive impact on lifting the achievement of students".
After the opening presentation, the meeting closed for voting.