Richmond Public Schools approves FY27 budget, closes virtual academy

Richmond Public Schools approved its fiscal year 2027 budget on June 2, closing a remaining $4 million gap with a late round of cuts before the new school year begins July 1, 2026.

The biggest change for families is the shutdown of Richmond Virtual Academy. Under the approved plan, one of the division’s virtual options is being eliminated.

The plan also reduces the hourly rate paid to educators who cover classes or give up planning periods, cutting that pay from $55 to $35. Local reporting said the change was expected to save about $800,000.

That matters because the budget affects more than accounting. It changes where some students can enroll, how staff are paid for extra coverage, and how much room the district has for other services heading into 2026-27.

Richmond Public Schools says the approved plan could still change if the state budget is not finalized until June 30. For now, the board’s June 2 vote is the current spending plan, and families affected by the virtual academy closure will need to watch for any updates before July 1.

Sources

• Richmond Public Schools FY27 School Board's Approved Budget
• VPM News report on Richmond Public Schools FY27 budget cuts