Official: Millenium Scholarship fund $4.2M short | NevadaAppeal.com

Official: Millenium Scholarship fund $4.2M short

CARSON CITY, Nev. (AP) – An aide to Nevada state Treasurer Kate Marshall says the state’s Millennium Scholarship fund is $4.2 million short meeting the mark to fully pay for scholarships in 2011.

That’s a shortfall almost $3 million more than what the legislative Interim Finance Committee was told last week.

Treasurer’s office Chief of Staff Steve George said Monday the Legislature might have to cut the number of $10,000 scholarships awarded to Nevada high school graduates in 2011, and raise the bar for students to qualify.

The shortfall is blamed on a sharp decrease in state revenues from a tobacco industry settlement for smoking-related illnesses.

About 21,000 students get the scholarships, and 8,000 graduating seniors are expected to qualify this year