Stephanie Garcia Richard, Commissioner of Public Lands
State of New Mexico
FOR IMMEDIATE RELEASE
May 4, 2021
Angie Poss, Assistant Commissioner of Communications
State Land Office Breaks Record for Highest Monthly Royalty Earnings: $109.8 Million Earned in April 2021
Record revenue reduces tax burden on New Mexico families
SANTA FE, NM – The New Mexico State Land Office today announced historic monthly royalty earnings of $109.8 million for April 2021. This money will be deposited into the Land Grant Permanent Fund and will benefit New Mexico public schools, hospitals, and universities, while also continuing to draw additional revenue for the state in the form of investment returns.
“The money earned by the State Land Office in April was more than any month since statehood – over $109 million – brought in through royalty payments on our oil and gas leases. When the State Land Office has huge revenue months like this, New Mexicans benefit directly from that success,” Commissioner of Public Lands Stephanie Garcia Richard said. “It’s a little known fact, but on average, the State Land Office saves the typical New Mexico taxpaying household an estimated $1,500 per year in taxes in money that would otherwise be needed to fund our state. This is a huge monetary relief for hard working New Mexico families, particularly during the coronavirus pandemic.”
The two previous record months for State Land Office royalty earnings were $108.9 million in February 2020 and $106.3 million in April 2020, both under Commissioner Garcia Richard.In order to continue bringing in high revenues, even when the oil and gas industry next falters, the State Land Office is working diligently to diversify its revenue streams.
“While we celebrate this new monthly revenue record, we do so with the understanding that these resources are finite, and are not a stable long-term budgeting mechanism for our state. We are committed to diversifying the revenue coming from state trust land by increasing renewable energy generation, creating new outdoor recreation opportunities, seeking out new commercial business development, and looking at innovations in agriculture for additional revenue generation,” Commissioner Garcia Richard added.
Under the leadership of Commissioner of Public Lands Stephanie Garcia Richard, the New Mexico State Land Office has seen back-to-back years of revenue over $1 billion. 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 money earned from leasing activity supports 22 beneficiaries – New Mexico public schools, seven universities and colleges, the School for the Deaf, the School for the Blind and Visually Impaired, three hospitals, water and land conservation projects, and public building construction and repair.