Public schools; Virginia School Improvement Grant Program established; report. Establishes the Virginia School Improvement Grant Program for the purpose of providing additional support to public schools identified based on their school performance score as "off track" or "needs intensive support," as those terms are defined by the bill, by awarding three-year grants to eligible schools for the development and implementation of school improvement plans. The bill (i) provides that the Department of Education shall be responsible for the administration of the Program and that the Office of School Improvement shall be responsible for the implementation and oversight of the Program; (ii) provides that any public school identified as "off track" or "needs intensive support" is eligible to apply for such three-year grant disbursed in annual installments; and (iii) permits any participating school that is identified as "off track" or "needs intensive support" for the school year coinciding with or subsequent to such participating school's final year in the three-year grant period to reapply for another grant pursuant to the Program. The bill requires any eligible school, in order to receive any grant funds pursuant to the Program, to develop and submit a school improvement plan or, in the case of a participating school receiving a grant upon reapplication pursuant to clause (iii), a revised school improvement plan outlining specific strategies for improving academic outcomes and addressing identified performance gaps for such school.