State Land Office earns $67.6M for beneficiaries

New Mexico Sky

SANTA FE, NM (KRQE) – the New Mexico State Land Office is reporting $67.6 million in earnings for the beneficiaries of the state land trust.

Revenues from nonrenewable use of the trust lands, such as the royalties from oil and natural gas extraction, are deposited into the Land Grant Permanent Fund. They are invested and a percentage of the fund is paid to the beneficiaries.

Revenues from the renewable resources uses, such as grazing, rights of way, interest on earnings and bonuses paid to acquire oil and gas leases, are distributed directly to the beneficiaries, minus the State Land Office’s operating budget and other administrative expenses.

The New Mexico State Land Office is responsible for managing state trust lands to generate income for 22 beneficiaries and for taking care of the lands so they are healthy and productive for the future.
The revenue in May was distributed to beneficiaries as follows:

  • $61.5 million to support public schools in New Mexico.
  • $1.6 million to state colleges and universities.
  • $1.3 million to special schools, such as the School for the Blind and Visually Impaired, in Alamogordo, and the School for the Deaf, in Santa Fe.
  • $862,000 to hospitals, including Miner’s Colfax Hospital in Raton, and special hospitals like Carrie Tingley Hospital in Albuquerque.
  • Remaining $1.8 million went to other institutions, including the State Penitentiary

Resources

blog comments powered by Disqus