Report: Net Worth of Your Politicians
For the most part, Florida's elected officials suffered through the economic downturn like the rest of us. But some fared better.
While Florida’s elected officials are suffering through the economic downturn like the rest of us, some have fared better than others. A review of annual financial disclosure statements filed recently by Florida’s state and federal lawmakers shows that the economic downturn wasn’t solely to blame — natural disaster, Bernie Madoff and bad business deals also played a role. Following are some of the more notable changes in net worth among lawmakers and the factors that impacted their portfolios over the past 12 to 18 months.
|CAPITOL GAINS & LOSSES
|»||The Florida Cabinet (this page)
|»||Florida's Congressional Delegation
|»||Florida's House of Representatives
|»||The Winners Circle
|»||State Legislature Rankings
While state lawmakers provide exact dollar amounts for each of their assets and liabilities, federal lawmakers must indicate only a broad range of their assets. As a result, it is impossible to assign them an exact net worth. Also, while all state lawmakers are required to disclose the value of their homes on their financial disclosure forms, federal lawmakers are exempt from that requirement.
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Florida Trend has compiled this list of our state officials' net worth including information on assets and liabilities.
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The Florida Cabinet
Gov. Charlie Crist [Photo: Mark Wemple]
Gov. Charlie Crist (R)
Net Worth: $466,063
Without any real estate holdings to pull him down, Gov. Charlie Crist’s net worth grew 2% in 2008. His assets include $125,000 in “household goods and personal effects,” an IRA worth $135,408, an investment account worth $104,122; his State of Florida Deferred Compensation plan worth $72,390 and a bank account worth $29,142. It’s unclear how Crist’s wedding last year to the former Carole Lynn Rome has affected his bottom line. Although Crist attached his 2008 1040 tax form with the state ethics commission, the couple file their tax returns separately.
Florida Attorney General Bill McCollum (R)
Net Worth: $1,205,953
Alex Sink’s political rival, Attorney General Bill McCollum, lost approximately $150,000 last year, mostly in the stock market. His home value actually rose from $240,550 in 2007 to $247,767. McCollum’s largest holding is 40 acres of ranch land in Brooksville worth $408,000. His income held fairly steady, however. In addition to his salary of $133,300 from the state, he draws a congressional pension of $77,280.
Net Worth: $8,631,417
CFO Alex Sink’s net worth dropped 15% from 2007. Her hardest-
hit asset was the Adelaide A. Sink Blind Trust, which fell from
$6 million to $4.7 million. Sink’s home in Thonotosassa, her home in Tallahassee and her retirement accounts also took a hit. The one bright spot for the 2010 gubernatorial candidate was her 28.07% holding in the Sink Family L.P., which grew from $2.3 million in 2007 to almost $2.5 million in 2008 and generated $97,000 in income.
Net Worth: $2,060,297
A candidate in the 2010 race for Florida Attorney General, Lt. Gov. Jeff Kottkamp’s primary assets include a home in Fort Myers worth more than $1.1 million, a second home in Tallahassee worth $267,624, property in North Carolina worth $41,000, and $569,830 in various bank accounts and other investments.
Net Worth: $5,518,465
Because of losses in the stock market, Charles Bronson’s net worth declined by about $500,000 at the end of 2008. His largest assets include his home and two investments properties in Leon County worth $1.7 million and 1,335 acres, buildings and equipment in Madison County worth nearly $3.2 million. He also lists stocks in the Royal Bank of Canada and the Community Bank of the South worth $338,218.