Florida Virtual School board adopts 2025–26 budget, approves amendment and conditioned performance pay plan

The Florida Virtual School Board of Trustees on Tuesday approved the school’s proposed fiscal year 2025–26 budget and a fourth amendment to the 2024–25 budget, and adopted a new performance-pay condition for eligible support staff.

The board approved a FY2025–26 budget that shows total revenues and transfers of $521,300,000 and total appropriations and transfers out of $563,800,000, producing a projected $42,500,000 decrease in fund balance during the year and an ending fund balance of $228,200,000.

The board also approved Budget Amendment No. 4 for 2024–25, which the school’s finance director said reduces the general fund ending balance by $1,700,000 — from $129,200,000 to $127,500,000 — while adjusting revenues and appropriations across the general, internal service and enterprise funds.

“Year-to-date revenue through March 31 increased $18.4 million, primarily due to an increase in FEFP revenue,” Corey Wheeler, FLVS senior director of financial and treasury services, told trustees during the meeting. Wheeler presented completion and revenue figures for the period ended March 31, 2025, and fiscal-year projections.

Wheeler told the board enterprise fund revenue rose materially year to date, driven in part by the Florida Scholars Academy (FSA) contract, which produced about $16.5 million in year-to-date revenue. He said enterprise fund revenues are projected to increase from $42.5 million in the prior year to $67.2 million in the current year and that net operating profit for the enterprise fund is projected to be $10.8 million, with transfers out of $9.1 million for course and operating development projects.

The board also approved a performance-pay plan amendment that conditions eligibility for a $5,000 payout for eligible support staff on FLVS achieving at least three enterprise-wide student achievement key performance indicators (KPIs). Under the approved plan, an eligible support-staff employee must receive only “effective” or “highly effective” ratings across evaluation components and a summative rating of “highly effective” in the 2025–26 annual evaluation to receive the payment; eligible employees must also be in good standing and employed at the time of payout. The plan excludes the CEO, general counsel, certain instructional personnel and employees covered by other performance-pay plans.

Trustees moved and approved the three items on the discussion agenda by voice vote; the chair recorded the motions as carried.

Trustees heard the financial presentation and discussed completion counts by program (FLVS Flex, Virtual Learning Labs/self-pay, and FLVS Full Time) and the timing variability of full-time completions. Wheeler said the district is budgeting roughly flat full-time completions (about 103,500) for June 30, 2025, and expressed the goal of meeting or exceeding prior-year totals for flex and self-pay completions.

The board also approved a package of consent items (course licensing, stop-loss insurance, annual audit services, data backup and recovery, risk-management renewals and increases in contract spend authority) and several annual reports and forms presented on the consent agenda; trustees approved the omnibus consent motion by voice vote.

No dissenting votes were recorded on the budget items or the performance-pay plan during the meeting.

The board chair closed discussion of the finance items and moved the meeting to other agenda topics.