SANTA FE, NM – Today, the State Land Office released its annual report for Fiscal Year New Mexico state agencies are required to report to the Governor on activities and accomplishments of the previous year by December 1st of each calendar year. The report total revenue raised and the earnings for each of the 22 Trust beneficiaries, as well as a detailed overview of highlights from each of the State Land Office’s leasing and operational divisions.
In FY22, the State Land Office earned a record-shattering $2.4 billion in revenue for New Mexico’s public schools, universities and hospitals. Prior to FY19, the agency had never exceeded $1 billion in revenue during a single fiscal year. The agency surpassed that total the first three fiscal years under the leadership of Commissioner of Public Lands Stephanie Garcia Richard before the revenue earned in FY22 roughly doubled the previous record of $1.25 billion in FY21. In all, the State Land Office has earned $5.4 billion in Commissioner Garcia Richard’s first four years in office.
“Diversification is one of the leading tenets of my administration, and we’re starting to see excellent results from these efforts,” said Commissioner Garcia Richard. “As the first Latina and first educator to oversee the state lands that fund our public schools, universities, and hospitals, I know how important this work is to securing New Mexico’s future. And I’m fortunate that the professional employees at the State Land Office are committed to the same goals and put their whole hearts into it every day.”
Other highlights from the annual report include:
- The State Land Office tripled renewable energy on state lands.
- The agency’s Accountability & Enforcement program pushed industry to close over 100 abandoned oil and gas wells.
- Commissioner Garcia Richard proposed a rule to protect cultural properties on state lands.
- Outdoor recreation permitting increased by 425%.
- The Surface Resources division worked with land grants and other agencies to gather fuelwood and increase fire resiliency after an historic wildfire season.
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 $5 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.