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Citizen legislators

While Cabinet profits, Jeb's fortune declines

By LUCY MORGAN
Published February 20, 2005

Citizen legislators What's it worth to run the state? Florida lawmakers don't get rich on their salary. But some have seen their fortunes rise since taking office. (First of two parts) Sorting through the finances of legislators Under the Sunshine Amendment to the state Constitution, 35,000 elected officials and candidates in Florida are required to file financial disclosure reports by July 1 each year. While Cabinet profits, Jeb's fortune declines TALLAHASSEE - Most state legislators and statewide elected officials have higher net worths now than they did when first elected to office.

TALLAHASSEE - Most state legislators and statewide elected officials have higher net worths now than they did when first elected to office.

Not Jeb Bush. Financial disclosure forms filed in 2004 indicate the governor has a net worth of $1,467,000 - about $889,000 less than he had when elected in 1998.

The forms indicate Bush had an income of $174,175 in 2003 - $4,641 less than he paid in federal income taxes the year before he was elected.

His principal assets are a trust fund he created when he was elected governor (now valued at $834,000), a Coral Gables condo and various retirement accounts. His state salary is $124,575.

Lt. Gov. Toni Jennings' net worth has steadily climbed since she was elected to the Legislature in 1976. Her 2004 net worth was $3,270,620, a figure that includes her interest in a family construction business and real estate holdings in Orange County, New Smyrna Beach and Tallahassee. Her state salary is $119,390.

When she was elected to the House in 1976, Jennings' net worth was $24,824.

Agriculture Commissioner Charles Bronson's net worth, now $2,510,238, has more than tripled since he was elected to the state Senate in 1994, thanks in large part to an increase in the value of his share of an Osceola County cattle ranch and personal savings accounts. Bush appointed him agriculture commissioner in 2001 and he won election to a four-year term in 2002.

Attorney General Charlie Crist's net worth has doubled since he was elected to the state Senate in 1992, rising from $153,686 to $312,266 in 2004. He is the only member of the three-member Cabinet who is not a millionaire.

Crist, who was elected education commissioner in 2000 and then attorney general in 2002, owns no real estate. He rents apartments in Tallahassee and St. Petersburg and has a brokerage account, retirement accounts and savings.

Chief Financial Officer Tom Gallagher has seen his net worth increase by almost a million dollars to $1,396,743 since 1976. He was elected to the House in 1974 and elected insurance commissioner in 1988. He also has served as education commissioner and was elected to the finance position in 2002.

Gallagher's principal assets include real estate in Coconut Grove and Tallahassee, various retirement accounts, insurance and interest in several Florida corporations.

Gallagher, Crist and Bronson have a state salary of $123,331.

[Last modified February 20, 2005, 01:22:20]