Florida lawmakers get wealthier


  • September 29, 2015
  • /   Jim Turner
  • /   community-dashboard

TALLAHASSEE — Being in the state's "part-time" Legislature might tax members' time, but for most it hasn't caused financial heartaches.

With all 160 annual financial-disclosure reports from House and Senate members now available — the reports were due July 1, the last outstanding report was posted online Friday — the average net worth of sitting senators stands at $3.8 million, while House members on average are worth $1.43 million.

How do Northwest Florida lawmakers fare?

— Matt Gaetz, R-Fort Walton Beach. Net worth for 2014: $377,814. See form. In 2013, it was $325,088 (see form). In 2012, it was $1,014,928 (see form)

— Doug Broxson, R-Gulf Breeze. Net worth for 2014: $3,326,571 (see form). In 2013, it was $3,373,602 (see form). In 2012, it was $3,003,733 (see form).

— Walter Mike Hill, R-Pensacola. Net worth as of Dec. 31, 2014: $1,104,395 (see form). Hill also filed a form in June of 2014, disclosing a net worth of $1,273,991 (see form).

— Hiram Clay Ingram, R-Pensacola. Net worth for 2014, $77,300 (see form). In 2013, it was $18,807 (see form). In 2012, it was $14,997 (see form).

— Robert Greg Evers, R-Baker. Net worth for 2014: $1,300,405 (see form). In 2013, it was $1219,469 (see form). In 2102, it was $1,168,007 (see form).

— Don Gaetz, R-Niceville. Net worth for 2014: $26,993,952 (see form). For 2013, it was $26,077,370 (see form). For 2012, it was $26,219,471 (see form). 

All of the forms are available online at the Florida Commission on Ethics’ website, linked here. Transparency in government is important to citizens' faith in its operation and to the quality of life in a community, something the Studer Community Institute measures through 16 metrics called the Pensacola Metro Dashboard.

Among the measures in the dashboard, created with the University of West Florida's Office of Economic Development and Engagement, is voter turnout. Voter turnout is used as a gauge of public interest in the political process. The Pensacola metro's voter turnout in the 2014 election was 47 percent, down slightly from the 2010 election. 

For state lawmakers who are paid roughly $30,000 a year plus expenses, the net-worth averages, according to self-reported numbers, grew by $212,650 in the Senate from 2013 to 2014 and by $56,260 in the House during the same period. The newly filed reports typically reflect the finances of lawmakers as of Dec. 31.

Over the past four years, the averages are up nearly $750,000 in the Senate and just over $366,000 in the House, which has had greater turnover.

Republicans, who comprise the majority in both chambers, are doing better financially on average than their Democratic counterparts.

Senate Republicans are worth $4.5 million on average, compared to $2.6 million for Democratic members. House Republicans average $1.7 million, while House Democrats average $837,454.

Individual net worths range in the Senate from $26.99 million for Sen. Don Gaetz, a Niceville Republican who co-founded VITAS Healthcare Corp, to $14,042 for Sen. Audrey Gibson, D-Jacksonville.

 

In the House, the highs and lows range from the $17.36 million reported by Miami Republican Michael Bileca to a negative $354,165 posted by Rep. Victor Torres, D-Orlando. Torres, a retired New York City Transit Police detective who was $28,017 in the red in 2013 added a $278,440 residential mortgage to his portfolio in 2014.

Bileca a co-founder of the Towncare Dental Partnership firm located throughout Central and South Florida, has also reported one of the largest hikes in net worth over the past four years among House members.

Bileca reported a net worth of $3.855 million in 2011. His current totals include $2.56 million in 2014 income from Atg Development, a Miami limited liability firm — one of the companies for which he has been listed as a registered agent.

The Tampa Bay Times in August reported that many lawmakers' worth grows with their years in office. Read that story here.

Not everyone has seen their net worths grow in recent years.

Over the past four years, five senators have reported decreases in their net worth — Republicans Tom Lee and Denise Grimsley and Democrats Gibson, Gwen Margolis and Jeremy Ring. In the House, 20 members — nine Democrats and 11 Republicans  have reported losses of net worth over the past four years.

For a number of those who have reported drops in net worth, the primary cause involved taking out loans to buy real estate.

Shannon Nickinson of Studer Community Institute contributed to this report

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