Florida Legislature loads up on millionaires

Analysis: Average net worth of state senators is $5.9M

TALLAHASSEE – Florida’s Legislature has more millionaires deciding how tax dollars should be spent and which laws should be passed.

With all but three lawmakers in the 160-member Legislature filing annual financial-disclosure reports, the average net worth of state senators is $5.9 million, according to an analysis by The News Service of Florida. In the House, the average stands at $1.7 million.

Topping the list is Sen. George Gainer, a Panama City Republican who owns a fleet of auto dealerships across North Florida.

The former Bay County commissioner, who cruised into state office in 2016, reported his net worth as of the end of 2018 at $46.46 million. That was up 1.4 percent from the prior year and 66.5 percent higher than the $27.9 million he reported when he first ran for the Senate.

Second on the list, and first in the House, is Rep. Ralph Massullo, a Lecanto Republican who is a dermatologist. Massullo reported a net worth of $42.4 million as of April 30. Massullo, who came into office with a net worth of $26.8 million, saw his net worth grow more than 16 percent from $36.4 million as of March 2018.

Overall, of the 40 senators, 27 reported net worths of more than $1 million. Nine senators exceeded the chamber’s $5.9 million average.

In the House, 43 of the 120 members reported net worths of more than $1 million. The $1.7 million average was topped by 26 members. Rep. Joe Geller, an Aventura Democrat who posted a net worth of $1.03 million a year ago, has received an extension until Oct.18 to file this year’s report.

Lawmakers are required each year to file detailed disclosures that list assets, liabilities and calculate net worths. Most of the newly filed reports reflect information from the end of 2018.

The reports are due July1, but lawmakers receive a “grace period” to file them without incurring penalties. Notices of fines were sent Friday to Rep. Kamia Brown, D-Ocoee, and Rep. Anika Omphroy, D-Lauderdale Lakes, because they had not filed reports.

Fines run $25 a day with the maximum total capped at $1,500.

Among returning lawmakers whose paperwork was filed, 106 reported increases in net worths, while 45 went down, and three posted no changes.

The combined total of 70 millionaires in the current House and Senate class is up from 62 that completed the 2017-2018 legislative class. The 2016-2017 class had 55 millionaires. There were 51 in the 2013-2014 class and 52 for the legislative class of 2011-2012.

In the newly filed reports, the other wealthiest lawmakers are Sen. Tom Wright, R-New Smyrna Beach, $30.4 million;

Sen. Wilton Simpson, RTrilby, $25.9 million; Sen. Kevin Rade r, D-Delra y Beach, $25.5 million; Rep. Randy Fine, R-Palm Bay, $23.45 million; House Speaker Jose Oliva, R-Miami Lakes, $15.2 million; Sen. Jeff Brandes, R-St. Petersburg, $13.88 million; Sen. David Simmons, R-Altamonte Springs, $13.6 million; and Sen. Jason Pizzo, D-North Miami Beach, $9.3 million.

Current Senate President Bill Galvano, a Bradenton Republican who is an attorney, reported a net worth of just under $2.7 million as of May 31.

Oliva’s net worth is a 11.3 percent jump from his net worth at the end of 2017. His figures are bolstered by $7.25 million in bank and investment accounts and $5.59 million in real estate investments. Oliva’s primary residence accounted for $1.28 million of his real estate.