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Wednesday, Jun. 11, 2025

Does tobacco revenue fund Nevada’s Millennium Scholarship?

Alejo Cruz, The Nevada Independent
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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The Nevada Independent is a nonpartisan, nonprofit news and opinion website founded in 2017 by veteran political journalist and commentator Jon Ralston. The site and its supporting channels are focused on ethical, unbiased and transparent journalism. In general, we aim to gather and disseminate important public information and increase civic engagement. We are supported by corporate donations, memberships, event ticket sales and sponsorships and foundation grants. We disclose all our members and donors. Donors have no influence over our content, ever. The Nevada Independent is the dba for Nevada News Bureau, Inc., a 501(c)3 nonprofit founded in 2010 by Elizabeth Thompson, who now serves as one of The Nevada Independent's managing directors and its Editor.

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