The Montana Land Board holdings generated almost $120 million for Montana public schools over the past year.
The Board manages more than 5 million acres of land, and a slightly larger area in mineral rights. The board is run by the five statewide elected officials, including the governor, attorney general, state superintendent of schools, state treasurer and secretary.
The land is held in trust to fund schools in the state. Annual revenues have increased from about $80 million in 2004.
The Department of Natural Resources and Conservation said the holdings are now worth roughly $2.6 billion. It said the value of its agricultural land has been increasing in recent years.
About 8 percent of state school budgets come from the land trust.