Commissioner of Public Lands Patrick H. Lyons announced that for the fiscal year of 2005 the New Mexico State Office’s beneficiaries were paid $471 million, or $92 million more than fiscal year 2004, according to a press release.
“Oil and gas revenues earned by the Land Office and paid into the permanent fund were extremely high due to strong oil and gas prices,” Lyons said in the release.
Lyons says the continued strength in commodity prices will carry over to the next fiscal year and he expects continued interest in the Land Office’s monthly oil and gas lease sale, according to a press release.
Eastern New Mexico University President Steven Gamble said the benefit to ENMU and other higher education schools in New Mexico is the money they receive from capital outlay, which is dispersed throughout the state.
For example, the state gained an excess of $300 million through the school tax for the state’s general fund. That amount goes into the general fund and is a one-time revenue in which Gov. Bill Richardson and legislators can disperse it to either colleges or public schools. The money can also be distributed to cities, counties, villages and towns.
Area legislators were able to obtain more than $1.46 million through capital outlay for ENMU for building improvements and new athletic facilities. Legislators were able to bring in $983,000 for Roosevelt County and $700,000 for the City of Portales through capital outlay.