The third annual report to the Florida Legislature and the State Board of Education reiterates the background and reasons for time shortened education, the methods of student acceleration, and the financial implications of acceleration. Progress in student acceleration in Florida through year-round matriculation, credit verified proficiency, credit in two institutions at once, nonschool experience, and changes in academic calendars is reviewed. Statistical information on student acceleration in school districts, community colleges, and state universities are provided for 1974-75. The text of Florida laws and regulations governing time shortened education are also appended. (Author/DS)