LAS VEGAS - The Private Bank by Nevada State Bank released the latest edition of its High Net Worth Report series today. Issue 2 of 2017 examines the education-related laws and issues that were considered during the recent session of the Nevada Legislature. This issue also includes a column by Clark County School District Superintendent Pat Skorkowsky about the things that make him proud of the district.
Highlights from the report include:
ϖ Education is a priority issue for Nevada’s high net worth households. In a 2014 survey by Nevada State Bank, 78 percent of high net worth households said improving the state’s K-12 education programs was either somewhat important or very important. That issue ranked third among survey respondents, behind reducing the state’s unemployment rate and long-term water resource stability. Improvement of higher education programs ranked fourth, with 71 percent of respondents calling that a somewhat or very important issue.
ϖ Legislation to implement the Education Savings Account program was proposed but ultimately did not pass during the past legislative session. As a compromise, Nevada Gov. Brian Sandoval and legislators agreed to a one-time contribution of $20 million, via tax credits, to the state’s Opportunity Scholarship program.
ϖ A proposal to implement a weighted school funding formula that allocates additional money for higher-needs students was deemed fiscally prohibitive to immediately implement, leading to a compromise that commits $72 million over the next two school years in additional funding for English-language learners, students receiving free or reduced-price lunch and other higher-needs students. School districts will receive an additional $1,200 per student under the legislation.
ϖ The budget passed by the Legislature and signed by Gov, Sandoval earmarked $53 million for University of Nevada, Las Vegas School of Medicine operations over the next two years. The Legislature also allocated $25 million toward construction of the medical school’s new permanent home in Las Vegas. That funding was made possible by an anonymous matching donation of $25 million.
ϖ Funding for a new building at the University of Nevada, Reno’s College of Engineering was approved in the state capital improvement plan passed during the legislative session. The plan allocates $41.5 million from the state toward construction, with private donations and university funds accounting for the remaining construction costs of the new $84 million building.
“Investment in education is key to improving the lives of Nevadans across the state,” The Private Bank Executive Vice President Randy Boesch said. “Through the wide range of legislation passed in Carson City this year, Governor Sandoval and the Legislature again proved their commitment to preparing future generations for the future that lies ahead.”
The Private Bank publishes the High Net Worth Report quarterly. Briefings will be made available on Nevada State Bank’s website at www.nsbank.com/HNWreport or by contacting The Private Bank directly at 702.855.4596.
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The Private Bank by Nevada State Bank provides a full range of personalized financial services for high net worth and high-income clients. www.nsbank.com/private
About Nevada State Bank (@nevadastatebank)
Nevada State Bank, a division of ZB, N.A., is a full service bank offering a complete range of consumer, private and business banking services with branches statewide. Founded in 1959, Nevada State Bank serves 20 communities across the state of Nevada. ZB, N.A.’s parent company is Zions Bancorporation, which is included in the S&P 500 and NASDAQ Financial 100 indices (NASDAQ: ZION). For more information on Nevada State Bank, call 702.383.0009 or access www.nsbank.com.