While researching the flag of the Colegio Puerto Varas, I came across a reported municipal flag for Puerto Varas on the city's Wikipedia entry. The flag was posted by Wikimedia user Xarucoponce on 27 November 2010, and based on photographs of the flag at three links provided in the source documentation, only two of which are still valid. After looking at those two links, as well as some other photographs of the flag that I found online, I believe the Wikipedia version is incorrect in terms of the shades of blue, the number and placement of the horizontal stripes, and the size and placement of the circular logo.
the actual design of the flag features a dark blue, light blue, and white circular logo centered on a white field with blue horizontal stripes. Near the top edge of the flag is a thick darker blue stripe, with a thick light blue stripe the same distance from the bottom edge of the flag. Across the center of the flag are three thin horizontal stripes of darker blue, white, and light blue. At the center of the field is a large, circular logo surrounded by a white border fimbriated darker blue. The logo itself appears to be a stylized scenic view of nearby Osorno Volcano, with the volcano represented by a white triangle against a light blue sky with darker blue and light blue representing Llanquihue Lake. Randy Young, 24 January 2020
image by Randy Young, 24 January 2020, based on original image by Wikimedia user Xarucoponce, 27 November 2010
The Wikipedia flag from user Xarucoponce shows a circular logo on a white field with light blue and darker blue stripes, but with the logo off-center toward the hoist. Near the top and bottom edges of the flag are thick, darker blue horizontal stripes, while across the center are a series of stripes: from top to bottom, light blue, white fimbriation, darker blue, white stripe, darker blue, white fimbriation, light blue. The small, circular logo is surrounded by a white border fimbriated darker blue, and appears to be a stylized scenic view of nearby Osorno Volcano, with the volcano represented by a white triangle against a light blue sky with darker blue and light blue representing Llanquihue Lake. This flag design, I believe, was an approximation by Wikimedia user Xarucoponce based on two or three photographs available online in 2010, but resulted in an inaccurate portrayal. Randy Young, 24 Jnauary 2020 Source:https://commons.wikimedia.org/wiki/File:Bandera_de_Puerto_Varas.png
In 1995, a group of families in Puerto Varas established a private Catholic grade school, known as Colegio Puerto Varas ("Puerto Varas School"). The school has continued to grow, and is now well-known in the region. The school has its own flag, which can be seen in multiple photographs online, including at:
The flag features a white field with the school's oval seal centered. The seal shows a scenic view of Osorno Volcano from Puerto Varas across Lake Llanquihue, with the lake in white, the volcano in dark blue, and its peak in white, against a yellow sky. The scene is encased within a thick, dark blue oval, bearing the name of the school in gold lettering: "COLEGIO" across the top and "PUERTO VARAS" across the bottom, with the top and bottom words separated by gold crosses potent. Randy Young, 20 January 2020 Sources:
 - Official website of Colegio Puerto Varas (http://cpv.cl/, in Spanish)