SANTA FE, New Mexico — The State Land Office says it earned $68 million in revenue in October, marking the third-highest monthly revenue in the agency's history.
Land Commissioner Ray Powell says the revenues were driven largely by oil and gas royalties.
He says the funds are critically important to the state's public schools, universities and hospitals, all of which are beneficiaries of the state land trust.
More than $58 million of October's revenues were distributed to public schools. Colleges and universities got about $1.8 million, and more than $1.3 million went to hospitals.
The State Land Office is responsible for managing trust lands to generate income for a total of 22 beneficiaries. The agency is also charged with taking care of the lands so they are healthy and productive for the future.