SANTA FE, N.M. (AP) — The New Mexico Land Office says it brought in $72 million in January for state trust land beneficiaries.
Officials say this marks the third highest month for earnings in the history of the Land Office.
Commissioner Pay Powell calls the money critically important for New Mexico’s public schools, universities and hospitals. More than $64 million was distributed to public schools alone.
Revenues from nonrenewable uses of trust lands, such as royalties from oil and natural gas extraction, are deposited into the Land Grant Permanent Fund. They are invested and a percentage is paid to beneficiaries.
Revenues from uses such as grazing and rights of way are distributed directly to beneficiaries. Some of those revenues also go to the Land Office for its operating budget and other administrative expenses.