FACT BRIEFDoes tobacco revenue fund Nevada’s Millennium Scholarship?
Yes.
Last fiscal year, more than one-third of total funding for the Millennium Scholarship came from a 1998 master settlement agreement with tobacco companies.
However, tobacco revenue is not the only source of money that funds the scholarship.
Last fiscal year, the total cost of the Millennium Scholarship was about $37 million and $24 million came from multiple sources — $14 million from tobacco revenue interest earnings, $7.6 million from the Unclaimed Property Trust Fund and $3 million generated by the Nevada State Treasurer’s Office.
The $13 million deficit was filled by general fund revenues authorized by the Legislature.
Only 40 percent of Nevada’s settlement was allocated to fund the scholarship. The remaining 60 percent funds health care programs in the state. The money from the master settlement agreement has not been enough to pay for the entire Millennium Scholarship since 2006.
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Sources
- State of Nevada Department of Taxation Introduction to MSA and Legislation
- Nevada Legislature Annual Report FY2024
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