The foundation for changing this tradition lies in the mission statement in your by-laws. I suspect that it states that the PTO's purpose is to improve the educational opportunities for students in your school. If so, providing yearbooks does not fulfill your mission. No one needs a yearbook. The supplies and the weekly readers, on the other hand, are likely a match with your mission statement. However, that does not mean that all supplies need to be provided by the PTO.
If I were in your shoes, I would discuss your concerns privately with a few of the more influential members of your board to gauge their reactions and to seek their opinions before you raise it at a board. That way, you'll know better how to tailor your message and you'll know what objections or support you can expect.
Our PTO purchases back to school supplies, yearbooks and weekly readers for all the children in our school. There are approx. 450 students and we do live it a low income area but I dont think that we should have to purchase everything for the kids. The kids have not had any programs this year and field and fun day is iffy, depending on how much money we have left from this last fundraiser we are doing, so the kids may end up watching a movie in the cafe for the day.
This need to change but I dont know where or how to start. Any ideas on how to bring this up at the next meeting would be greatly appreciated. Thanks.