Land Commissioner Stephanie Garcia Richard, in her office in Santa Fe shortly after taking office in 2019, has broken another record, earning $2.75 billion in revenue in FY23. Photo by Carol A, Clark/ladailypost.com

By CAROL A. CLARK
Los Alamos Daily Post
caclark@ladailypost.com

• Revenue To Benefit New Mexico Schools, Hospitals, Colleges

Commissioner of Public Lands Stephanie Garcia Richard announced Monday that the New Mexico State Land Office has broken another record, earning $2.75 billion in revenue in fiscal year 2023 (FY23).

This record revenue benefits New Mexico’s public schools, including Los Alamos as well as universities and hospitals throughout the state.

“Los Alamos Public Schools was just one of the districts that benefitted from the $2.5 billion distributed to New Mexico public schools last year. UNM is a major beneficiary of the State Land Office as well,” Commissioner Garcia Richard said. “As a former third grade teacher, I know that every penny that goes to a classroom can make a huge difference. We are doing everything we can to diversify our revenue streams and create long-lasting funding sources so our kids have a chance to thrive in today’s world. As long as I’m Land Commissioner we will keep pursuing revenue-generating opportunities that can have a positive impact on the lives of New Mexicans.”

Under Commissioner Garcia Richard’s leadership, the State Land Office raised $1 billion for the first time ever in 2019. In fiscal year 2022, the State Land Office surpassed the $2 billion threshold for the first time, earning $2.4 billion. Overall, the State Land Office has raised more than $8 billion since Commissioner Garcia Richard first took office in 2019.

“It is our job to make money for education so we are excited to be breaking another record, but we are most excited about the impact this revenue will have for everyday New Mexicans. Simply put, $2.75 billion can be a real game changer for the state’s public schools and other vital institutions,” Commissioner Garcia Richard said. “We are constantly pursuing ways to diversify revenue sources for the long-term health of the institutions that benefit from state lands. Whether it’s providing affordable housing for seniors or approving large-scale renewable energy projects, we are open to business opportunities that can improve the lives of the people of New Mexico. The work we do saves the average New Mexico taxpayer $3,200 per year they would otherwise have to pay to fund the state’s institutions, and the savings will only grow with increased revenue.”

She explained that her office has earned this money while significantly ramping up its enforcement efforts across the board, proving that appropriate oversight of industry and record revenue generation are not mutually exclusive. In fact, they go hand in hand.

“I’m extremely proud of our State Land Office staff for the dedication they show to our public schools and other institutions every day. This record revenue is due to their hard work, persistence and love for their state,” Commissioner Garcia Richard said.

New Mexico School for the Blind and Visually Impaired Superintendent Patricia Beecher said, “New Mexico School for the Blind and Visually Impaired is grateful and proud to be a beneficiary of the New Mexico State Land Office. As a State Supported Special School, NMSBVI relies on the State of New Mexico for a majority of our funding. The funding received allows NMSBVI to provide support to the students with vision impairments or blindness across New Mexico from birth through the age of 21. NMSBVI appreciates the interest that NMSLO has taken in order to understand our mission, our beliefs, and our services to the students, their families, and many educators in New Mexico. NMSBVI looks forward to a continuing and even more successful partnership.”

Maj. Gen. Jerry Grizzle (USA Retired), PhD, president and superintendent of New Mexico Military Institute, addressed the importance of New Mexico State Land Office funding.

“The vision and application of the New Mexico land grants have paid dividends towards the success of the twenty-one beneficiaries’ missions for over a century. The New Mexico Military Institute is no exception to that declaration as a high-performing educational institution within a military structure,” Maj. Gen. Grizzle said. “The fund’s growth is now providing NMMI with over 50% of its annual budget needs. This allows New Mexico residents the full benefit of NMMI without bearing the total cost of the Institute. It allows New Mexico to host a premier institution with a unique mission that does not exist anywhere else.”

Maj. Gen. Grizzle said the State Land Office has been and remains instrumental in the continued success of the fund growth and thus the success of NMMI including NMMI’s financial impact on the local community, which has been determined to be in excess of $45 million annually.

“NMMI is grateful for the recent success of the State Land Office under the guidance of State Land Commissioner Garcia Richard for her and her team’s success in managing the lands for financial gains while assuring the sanctity of the state lands for future generations,” Maj. Gen. Grizzle said.

Since taking office in 2019, Commissioner Garcia Richard has prioritized diversifying revenue streams at the State Land Office. She established the first Office of Renewable Energy within the State Land Office, which has quadrupled the amount of renewable energy under lease on state lands since its launch in 2019. She has also pursued leases to meet community needs such as affordable housing. A 92-unit affordable housing community for Albuquerque seniors opened on state land near Eubank and Central in 2022, and a similar affordable senior community will open on state land across the street soon.

Commissioner of Public Lands Stephanie Garcia Richard has overseen the New Mexico State Land Office since 2019. In that time the agency has raised more than $8 billion for New Mexico public schools, hospitals and universities. Over 13 million acres of state trust land are leased for a variety of uses, including ranching and farming, renewable energy, business development, mineral development, and outdoor recreation. The State Land Office has a dual mandate to use state trust land to financially support vital public institutions, while simultaneously working to protect the land for future generations.

To learn more, visit nmstatelands.org.