Gov. Hochul’s election-year budget proposal on Tuesday included record investments in education to the tune of more than $39 billion — but that doesn’t necessarily mean New York City schoolchildren will come out ahead.

Advocates are concerned that the governor’s plan fails to address tweaks made to a key formula ahead of the current academic year, which resulted in hundreds of millions dollars less than the city’s school system had expected to receive from the state.

Without further changes, the city could see itself shortchanged again this year when the dollars are divvied up among the state’s roughly 700 school districts.

“The formula itself is more than 15 years old, relies on outdated and incomplete measures of student need, and has not evolved to reflect rising costs, particularly in large urban districts,” the Coalition for Equitable Education Funding, an alliance of more than 120 advocacy organizations, wrote in a statement.

“Without further changes, New York City students will continue to be shortchanged.”

Advocates say children are bearing the brunt of the shortfall, and fear the coming fiscal year will see the same outcome.

“These groups of students often miss more school than their peers, and their academic outcomes are abysmal,” said Randi Levine, policy director at Advocates for Children, part of the school aid coalition. “It’s important for districts to get the resources they need to ensure that students who are homeless and students in foster care are getting academic and social-emotional support to succeed in school.”