New Mexico State Land Office breaks record by surpassing $1 billion in fiscal year revenue
Lands Commissioner Stephanie Garcia Richard in her office in Santa Fe. Jhe state land office topped $1 billion in revenue for state trust land recipients in fiscal year 22, which ends June 30. These revenues support public schools, hospitals and universities across the state and reduce the financial burden on taxpayers. Photo by Carol A. Clark/ladailypost.com
News from the State Land Office:
SANTA FE – New Mexico Public Lands Commissioner Stephanie Garcia Richard announced today that the state lands office has already surpassed $1 billion in revenue for beneficiaries of New Mexico trust lands. Status in fiscal year 2022, which ends June 30.
The $1.15 billion earned to date includes a record $204 million in rental business revenue for the month of April 2022. State Land Office revenue supports public schools, hospitals and universities across statewide and reduce the financial burden on taxpayers.
Oil and gas royalty income is reported with a three-month lag, so the $1.15 billion only reflects oil and gas activity through January 2022 (seven months of the fiscal year). Before Commissioner Garcia Richard took office in 2019, the State Land Office had never exceeded $1 billion in revenue in a fiscal year. With five months of oil and gas royalty revenue still unreported, the bureau may top $2 billion for the first time in its history.
“Thanks to the hard work of all of our staff, we continue to raise record amounts that directly benefit New Mexico’s schools, hospitals, and other foundational institutions,” said Commissioner Garcia Richard. “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, commercial leasing and even more. In just over three years, we’ve nearly tripled renewable energy on state land, provided affordable housing for seniors in Albuquerque, attracted big business like Netflix, expanded access to outdoor recreation – 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 taxpayer in New Mexico $1,600 per year. We will continue to move forward to achieve the best outcomes for New Mexico’s children while maintaining state trust lands for the use and benefit of generations to come.
Royalties from activities such as oil, gas and minerals are transferred to the Permanent Land Grant Fund and invested by the State Board of Investment before being distributed to beneficiary institutions. Rental income from activities such as economic development projects, renewable energy and agriculture is distributed directly to beneficiaries on a monthly basis.