Virginia Public School Improvement Program; created, report.

Creates the Virginia Public School Improvement Program to offer maximum educational options and flexibility for parents, teachers, and students. The bill authorizes any local school board to designate or approve any public school within its school division to participate in the Program if (i) a majority of parents and teachers of students at the school have petitioned the school board to participate in the Program, (ii) it does not meet the requirements to be fully accredited, or (iii) the school's pass rates for English and mathematics are below the division-wide average. Local school boards would continue to receive state basic school aid funding for participating schools, and participating schools would be exempt from certain school division policies and state regulations but would have to meet Standards of Quality, Standards of Learning, Standards of Accreditation, and certain federal requirements. Participation in the Program can be rescinded (a) by petition of a majority of parents and teachers, (b) if the school makes application to operate as a charter school, (c) if the school violates the stipulated contract with the local school board, or (d) if students at a participating school fail to achieve satisfactory academic progress each year for two consecutive school years. The bill requires the Board of Education to establish guidelines to assist school boards in implementing the Program in the school division and provide technical assistance to school boards upon request.