The state says that its land holdings generated almost $120 million for the school trust over the past year.
The Montana Land 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 from the governor on down.
The money it generates with land leases, logging and other activities goes to a trust used to help pay for schools. Annual revenues have increased from about $80 million in 2004.
The Department of Natural Resources and Conservation told the board Monday that its 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.