BATON ROUGE - Louisiana lawmakers have adopted their first new financing formula for the state's public elementary and secondary schools since 2014.

The $3.7 billion formula, given final passage Monday with a 35-1 Senate vote, will pay for more than 700,000 students in the 2017-18 school year.

The amount paid per student won't rise. But the formula will grow by about $42 million.

Increases will pay for growth in student enrollment and will direct new dollars for higher-need students and dual enrollment programs that help students earn credit toward advanced degrees. Other dollars were added to assist flood-impacted districts and safeguard the Vernon parish district if it experiences student enrollment drops from a Fort Polk deployment.

The state education board crafted the formula, with input from lawmakers.