Revenues from development on state trust land over the last fiscal year are on track to surpass $1 billion.

The New Mexico State Land Office announced Wednesday the total tally has yet to be calculated due to the nature of royalty payment collections but that conservative year-end estimates indicate a record high.

Revenues reached $852 million for the 2018 fiscal year. If predictions hold, the 2019 fiscal year will mark a nearly 40 percent increase.

Most of the revenue has come from the oil and gas boom, but the agency also reported increases in commercial lease payments and solar and wind energy leases.

Money also is earned from grazing leases, rights of way easements, permits and other fees.

The revenue earned from activity on state trust land helps to fund public education, hospitals and other institutions.