Ask the counselor to observe your daughter in her classroom. That way you can get an objective opinion of what is going on with her. If no screening tests have been given to your daughter, ask that they be given as soon as possible. You or your wife would have to have signed consent for any testing done by the school.
Talk with the principal and the counselor about next year. Let them know what kind of teacher you would like for your daughter to have (loving, supportive, etc.). Ask about the possibility of summer to school to allow your daughter to catch up with her classmates.
Also, talk with the speech therapist at the school and with your pediatrician about your daughter's speech delay. She may need speech therapy to help her catch up to her peers.