State Land Office Earns Record $2.75 Billion in Past Year

SANTA FE, N.M. – The New Mexico State Land Office has broken another record, earning $2.75 billion in revenue in fiscal year 2023 (FY23), Commissioner of Public Lands Stephanie Garcia Richard announced today. The revenue earned benefits New Mexico’s public schools, universities and hospitals. Under Commissioner Garcia Richard’s leadership, the State Land Office raised one billion dollars 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 over $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,” said Commissioner Garcia Richard. “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 $1,500 per year they would otherwise have to pay to fund the state’s institutions, and the savings will only grow with increased revenue. 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.”

“New Mexico School for the Blind and Visually Impaired is grateful and proud to be a beneficiary of the New Mexico State Land Office,” said Patricia Beecher, Superintendent of the New Mexico School for the Blind and Visually Impaired. “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.”

“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,” said Maj. Gen. Jerry Grizzle (USA Retired), PhD, President and Superintendent, New Mexico Military Institute. “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.”

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.

“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,” continued Maj. Gen. Grizzle. “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.”

*Note: Amounts shown above indicate total transfers after withholding for the agency’s budgetary expenses and contributions to the Restoration and Remediation Fund.

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.