State Land Office Earns Most Money Ever from Activities Other Than Oil and Gas Royalties in Fiscal Year 24

The New Mexico State Land Office earned $2.56 billion in revenue in fiscal year 2024 (FY24), the 2^nd highest amount ever earned by the agency, Commissioner of Public Lands Stephanie Garcia Richard announced today. The agency also set a new record for the most revenue generated from activities other than oil and gas royalties, earning $214,566,959 from other sources. The revenue earned by the State Land Office benefits New Mexico’s public schools, universities and hospitals, including institutes like the New Mexico Military Institute and the New Mexico School for the Blind. By raising this revenue to pay for these important institutions, the State Land Office saves the average New Mexico taxpayer $2,800 annually.

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. One year ago, the State Land Office set the current all-time record, earing $2.75 billion in FY23. Overall, the State Land Office has earned over $10 billion for New Mexico’s beneficiaries since Commissioner Garcia Richard first took office in 2019.

“As a former teacher, I know the value of every cent we can put into our classrooms. We’re proud that we’re once again bringing in billions from activities on state lands to make a difference for our kids in the long run. Because of what we’ve been able to accomplish in the past few years, New Mexico will have a lot more money to spend on some of its critical needs in the coming decades,” said Commissioner Garcia Richard. “We’ve aimed to diversify our revenue-earning activities at every turn, and we are starting to see real results with our highest earnings from sources other than oil and gas royalties ever. This revenue keeps our public institutions running while keeping money in the pockets of New Mexico’s taxpayers. I will continue working to make as much money for our schools as possible, including pushing the Legislature to raise the state’s inadequate oil and gas royalty rate.”

In FY24, the State Land Office distributed $166,513,915 from rentals and activities that do not deplete the trust’s resources directly to beneficiaries through the Land Maintenance Fund. The agency earned $45,574,036 from interest and other fees, which will also be distributed directly to beneficiaries. The agency also transferred $2,350,114,112 from royalties to the Land Grand Permanent Fund to be invested on behalf of beneficiaries.

*Amounts shown above indicate total transfers after withholding for the agency’s budgetary expenses and contributions to the Restoration and Remediation Fund. The State Land Office will also distribute $45,574,036 from interest and other fees to beneficiaries.

“The New Mexico School for the Blind and Visually Impaired cannot express enough gratitude for the hard work and dedication of those at the NM State Land Office. Their commitment ensures NMSBVI continues to receive vital funding, necessary to our operations as a State Supported Special School. This funding allows NMSBVI to provide a variety of statewide program options for students ages birth through 21 with vision impairment and blindness, as well as offer training opportunities to educators around the state. NMSBVI cherishes the partnership with NMSLO and looks forward to its continued success.”
-Dr. Heather Miller, Superintendent, New Mexico School for the Blind and Visually Impaired

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 increased the amount of renewable energy under lease on state lands by more than six-fold since its launch in 2019. She has also pursued leases to meet community needs such as affordable housing, securing deals for two affordable apartment communities for senior citizens in Albuquerque.

Commissioner Garcia Richard has also instituted programs to ensure that New Mexicans are not on the hook for the cost of cleaning up messes on state lands. For example, the Accountability & Enforcement program Commissioner Garcia Richard established in 2020 has led to the plugging of more than 560 wells on state lands and the expense of companies responsible, saving taxpayers an additional $56 million in cleanup costs. 

Commissioner of Public Lands Stephanie Garcia Richard was first elected by New Mexico voters to lead the State Land Office in 2018. Since she took office in January 2019, the agency has raised more than $10 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.