Land Commissioner Stephanie Garcia Richard in her office in Santa Fe. The State Land Office has surpassed $1 billion in revenue for state trust land beneficiaries in FY22, which ends June 30. These earnings support public schools, hospitals, and universities throughout the state, and reduce the financial burden on taxpayers. Photo by Carol A. Clark/ladailypost.com
State Land Office News:
SANTA FE — New Mexico Commissioner of Public Lands Stephanie Garcia Richard today announced that the State Land Office has already surpassed $1 billion in revenue for state trust land beneficiaries in Fiscal Year 2022, which ends June 30.
Included in the $1.15 billion earned to date is a record $204 million in revenue from leasing activities for the month of April 2022. State Land Office earnings support public schools, hospitals, and universities throughout the state, and reduce the financial burden on taxpayers.
Oil and gas royalty earnings are reported with a three-month lag, so the $1.15 billion only reflects oil and gas activities through January 2022 (seven months of the fiscal year). Prior to Commissioner Garcia Richard taking office in 2019, the State Land Office had never surpassed $1 billion in revenue during any fiscal year. With five months of oil and gas royalty revenue still not reported there is a possibility the office could surpass $2 billion for the first time in its history.
“Thanks to the hard work of everyone on our staff, we continue to rake in record amounts of money that directly benefits New Mexico’s schools, hospitals and other foundational institutions,” Commissioner Garcia Richard said. “We have made a concerted effort to diversify revenue streams at the State Land Office and continue to see promising results from oil and gas, renewable energy, agriculture, outdoor recreation, business leasing, and so much more. In a little over three years, we have nearly tripled renewable energy on state trust lands, provided affordable housing for senior citizens in Albuquerque, attracted major businesses like Netflix, expanded access for outdoor recreation – all while cleaning up and restoring more land than ever before. What makes this success even more exciting is knowing that we are saving the average New Mexico taxpayer $1,600 a year. We will continue pushing forward to achieve the best results for New Mexico’s kids while maintaining state trust lands for the use and benefit of generations to come.”
Royalties from activities like oil, gas, and minerals are transferred to the Land Grant Permanent Fund and invested by the State Investment Council prior to distribution to beneficiary institutions. Rental revenues from activities such as economic development projects, renewable energy, and agriculture are distributed directly to beneficiaries on a monthly basis.