Competitive Nevada treasurer primary has Democratic Party leadership picking sides

It's an uncertain time for Nevada's economy. Tourism numbers dropped in 2025, the state has among the lowest homeownership rates in the country, and the price of tuition at state colleges has ballooned. Nevadans widely say that the rising cost of living and affordability are top of mind. 

But candidates running to lead Nevada's treasury say they have what it takes to guide the state forward.

"My priority is winning this election," Tya Mathis-Coleman, 44, a current staffer in the treasurer's office, said in an interview with The Indy. "My priority is telling people why I am the best, most prepared candidate." 

Head of an office with about 60 staffers, the treasurer serves as Nevada's chief financial officer. They are charged with overseeing state investments, including a portfolio of about $7 billion, maintaining records of unclaimed property and helping decide when to issue bonds. The office also administers the Millennium Scholarship program and facilitates tax-advantaged savings programs for future college students and people with disabilities.

With three candidates in the race, it's the most competitive Democratic primary the office has seen in recent memory. One-term legislator Assm. Joe Dalia (D-Henderson) — one of the best-funded candidates in the race — has received high-level endorsements from unions, including the Clark County Education Association, and legislative leaders, including Majority Leader Sen. Nicole Cannizzaro (D-Las Vegas). Dalia, 35, faces Mathis-Coleman, who has received the backing of termed out incumbent Zach Conine's as well as the support of Rep. Dina Titus (D-NV). 

Jay Maharjan, 53, a public school teacher and former leader of Startup America Partnership under President Barack Obama, is also running for the seat.

The race comes as the future of several of the office's flagship programs are murky. The Millennium Scholarship, a merit-based award that has served more than 177,000 Nevada college students since it was established, is expected to no longer cover all eligible students by next year. Meanwhile, Nevada's State Infrastructure Bank — which provides long-term, low-cost facility financing — has struggled to obtain additional funding from the Legislature since it was created in 2017. 

The candidate field points to fissures in the state's Democratic Party. Dalia has been backed by Cannizzaro, who is running for attorney general, while Conine, who is also running for attorney general, has backed Mathis. In a prior interview with The Indy, Conine said that Mathis-Coleman is "just by far the most qualified candidate for the job" and highlighted her work as deputy treasurer of college savings, saying she helped put together a database of scholarships and expanded constituent outreach. 

Meanwhile, Dalia in 2025 sponsored a constitutional amendment to establish a business court (AJR8) and a bill that tweaked business and corporate laws at the suggestion of the state bar. Venture capital firm Andreessen Horowitz cited both pieces of legislation as its rationale for incorporating in Nevada, a decision that Dalia said will generate millions of dollars in revenue to the Silver State.

Before attending law school, Dalia was chief operating officer and chief financial officer of the small startup Ludiscope, a video game event app. He also served as an attorney for Meta until late 2025. He said that his combination of legislative experience and financial experience makes him the best suited to "maximize" the office. 

"I made it very clear that my vision is to build this office and use it to solve problems in a more robust way than it ever has," Dalia said. 

Despite divisions, many of the Democratic candidates say they want to build on Conine's policies, especially as it pertains to asset and debt management. Conine, who has held the seat since 2019, advanced progressive policies during his tenure, divesting the state from assault weapon manufacturers and launching a housing assistance program for families affected by COVID.

On the issues: 

Millennium Scholarship

Funding for the Millennium Scholarship — based on dwindling revenue from a multistate settlement with big tobacco companies in the late 1990s — has become increasingly unstable.

To solve that, Dalia says he would like to create a reasonable claim period for unclaimed property and revert it to the state if owners don't take it back. Nevada holds roughly $1 billion in unclaimed property, such as uncashed checks and stock accounts, and if it is not able to be returned to its rightful owner, the state holds it indefinitely.

Dalia suggested the state implement a time limit to claim property, as Ohio and Indiana do, before it is permanently transferred to the state. Those funds can in turn be used to fund the Millennium Scholarship without raising taxes or implementing fees. 

Meanwhile, Mathis-Coleman said it was important to continue to solicit funds for the program from the governor's office and Legislature. In a previous interview with The Indy, she said she would look into creating partnerships with private organizations, such as sports teams, to help fund the scholarships. 

But she said her power to restructure the funding stream in the treasurer role would be limited.

"I can only advocate as treasurer," Mathis-Coleman said. "That is what people need to understand."

As a teacher, Maharjan said the mission of the Millennium Scholarship is dear to him. He said it wasn't sufficient to "save money" for the program and that the state needs an "evidence-based" plan. 

College savings

On top of the Millennium Scholarship, Nevada has an assortment of other college savings programs, such as prepaid tuition and a tax-advantaged savings account, known as a 529, that helps families pay for education. 

But public awareness about those programs is low. For example, Nevada's Prepaid Tuition Program, which allows families to lock in current public college tuition rates for future use, has seen a steady decline in new enrollments. About 300 people enrolled in the program in 2024 versus the nearly 800 who signed up in 2018.

Mathis-Coleman said that she would like to expand community outreach to educate the public. As deputy treasurer of college savings, Mathis-Coleman created a navigation system where families can learn more about different saving options and said that she would like to continue to place an emphasis on financial literacy programs. 

Dalia said he would like to further investigate why numbers have dipped for Nevada's Prepaid Tuition Program. 

Maharjan echoed Mathis-Coleman and Dalia, saying he would like to expand outreach and financial literacy. 

Home affordability 

Nevada's State Infrastructure Bank has played a key role in creating affordable housing, financing more than 600 units in 2022. However, candidates for treasurer agree it isn't sufficiently funded to meet public need. 

Established in 2017, the bank operates as a revolving fund, meaning any loans and interest are reinvested to fund additional projects. However, it went unfunded until 2021, when then-Gov. Steve Sisolak approved $75 million for it. 

Although it has since become self-sufficient, it has received minimal funding from the Legislature. In the 2025 session, there was a proposal to infuse the office with millions in additional funds, but it was pulled in the final night of the session. 

Mathis-Coleman said she would like to continue to push the Legislature for more funds in the infrastructure bank. 

"We need to impress on them the importance of this," she said, but didn't expand on other plans to bolster the bank. 

Dalia said he would like to pull from the more than $2 billion in general obligation bonds the state has available over the next three biennia and pour about $300 million of those funds into affordable housing, union jobs and community programs. 

Asked about what he would do to develop more affordable housing, Maharjan said he hopes to grow funds for the bank based on best practices. 

Expanding programs

Mathis-Coleman said she would like to establish a program to help provide resources to veterans, especially with so many federal programs for the demographic being cut. Although she said she was unsure about the specifics of such a program, she would like to "serve the people who served us." 

She added that she would also like to create more outreach on postsecondary opportunities in trades. 

"How can we educate students on all opportunities? Our working class is really what's building Nevada," Mathis-Coleman said. 

Dalia said he would like to create a stronger partnership with the attorney general's office and establish a quasi-investigative unit run by the treasurer's office to look into financial crimes and fraud. He said it would be a "great way" to reduce burdens in the attorney general's office.