That plan, as outlined by CPS CEO Pedro Martinez, is called Together We Rise.
It includes a shift away from ranking schools based on traditional performance metrics in favor of what Martinez calls a more holistic approach to evaluating student success.
SEE ALSO: Chicago Public Schools releases five-year plan to close equity gap called 'Together We Rise'
It includes a goal of increasing the percentage of students who attend a school in their neighborhood or community area.
It also calls for reducing teacher vacancies in schools that serve majority Black and Hispanic students.
Some Chicago aldermen have expressed concerns about moving away from conventional metrics and rankings.
The plan comes as CPS faces a projected $500 million budget deficit for the next school year.