Peter SchorschFlorida’s most deliberative legislative body is getting richer.
The combined net worth of the Florida Senate’s 40 members was nearly $144 million, a FloridaWatchdog.org analysis of financial disclosures filed with the Florida Commission on Ethics last year shows. The total marks a 7.1 percent increase over the previous year and an 18% jump since the 2011 reporting deadline.
COMPLETE FLORIDA SENATE NET WORTH
The legislators file the disclosures, which are later posted to the ethics commission’s website. The most recent document filings range from Dec. 31, 2013 to June 30, 2014.
The richest lawmaker? Former Senate President Don Gaetz, a Republican, whose net worth was listed at $26,077,030 — more than $8 million above the next wealthiest senator, Wilton Simpson. Gaetz actually lost $142,000 by the end of 2013, but he was up 5% overall since becoming the Senate’s most powerful lawmaker.
Sen. Darren Soto, D-Orlando, was the only member of the Legislature’s upper chamber with a negative net worth. Soto self-reported minus $6,663, a reduction of nearly $25,000 of his negative net worth the previous year.
All told, 17 of the 40 state senators are millionaires, according to their filings. Sens. Jeff Brandes, Jeremy Ring, David Simmons and Simpson are all worth more than $10 million each.
The Florida Senate was dominated by Republicans, 26-14, but Democrats held their fair share of comparative wealth, with almost half of the Senate’s Democrat caucus worth at least $1 million.
Ring was the top Dem senator at $13.9 million, though the Watchdog analysis found Ring’s net worth declined from his 2011 reported total of $15 million. The majority of the six Democratic millionaires hail from Southeast Florida: Gwen Margolis, Maria Sachs, Eleanor Sobel, and Ring.
Audrey Gibson, a Democrat from Jacksonville, had the highest percentage of increase at 560%. Gibson reported a net worth of $600 in 2012, but that number jumped to $3,960 in 2013. Kelli Stargel, R-Lakeland, saw her net worth skyrocket 169 percent, or $281,000.
While unsuccessfully vying to replace U.S. Rep. Trey Radel, a Southwest Florida Republican who resigned after buying cocaine from an undercover law enforcement officer, Sen. Lizbeth Benacquisto, R-Fort Myers, saw her fortunes change for the better.
Benaquisto’s net worth rose $136,000, or 43.7%, as of June 2014. Benacquisto was also the state Senate Majority Leader and now chairs the Banking and Insurance Committee.
Sen. John Thrasher‘s filings were included in the analysis, though the Jacksonville Republican has since resigned, taking his reported $6.6 million with him. Thrasher is now the president of Florida State University. His Senate seat remains vacant.
The average net worth of the 23 senators with less than $1 million is $361,628. State senators, on average, represents about 470,000 Floridians and are paid $29,697 a year for their legislative service. Senators, at most, can serve two four-year terms.
William Patrick is a reporter for Watchdog.org. Contact him at [email protected] and follow him on Twitter @WillPatrick77.
