What's in their wallets?

As Wednesday came to a close, all the Citrus County candidates who said they are running for office had qualified for the ballot. Deadline is noon Friday so anything can happen between now and then.

I mentioned the other day that when candidates officially qualify for the ballot, either through the petition method or paying a qualifying fee, they fill out a financial disclosure form that lists all their assets and liabilities.

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A word about financial net worth. It’s not as simple as subtracting liabilities from assets, and it definitely doesn’t mean cash on hand. Someone with $1million-plus net worth usually has numerous investments or a successful business.

I find these interesting more as a curiosity. It’s just good to know the personal financial situation of a candidate. Definitely fair to ask a candidate with low net worth about his/her experience in budgeting large sums of money.

You can find the reports on both the Citrus County Supervisor of Elections and the state Division of Elections websites. Since I’ve already perused them, here are some highlights:

— Nobody’s financial disclosure report comes close to Rep. Ralph Massullo’s: $64.3 million net worth. His Lecanto home is valued at $2.9 million. His business, Suncoast Dermatology, is valued at $8.2 million. His annual income from Suncoast Dermatology is $2.6 million (plus $27,281 from the Legislature).

Interesting that Massullo’s net worth jumped every two years he’s been in office. In 2016, his first run, Massullo’s net worth was $26.8 million; in 2018, $36.4 million; in 2020, $46.1 million.

— As for Massullo’s House District 23 opponents, Tod Cloud’s net worth of $640,944 includes $195,000 Homosassa home and $52,000 retirement income from the State of Florida; Paul Reinhardt’s net worth is $302,521 from various investments and bank accounts and a $35,000 Beverly Hills home. Reinhardt shows no income.

— Diana Finegan, county commission District 2: $3.5 million net worth; two homes in Homosassa with a combined value of $2.7 million; $99,650 annual salary from Air Fx Inc., an air-conditioning repair company Finegan owns with her husband.

— Stacey Worthington, county commission District 2: $350,820 net worth; home in Homosassa, $276,000; $18,500 annual salary from Worthington A.C. and Heating Inc., an air-conditioning repair company Worthington owns with her husband.

(Yes, the two primary candidates for county commission District 2 own air-conditioning repair companies.)

— Paul Grogan, county commission District 2, no-party affiliation: Shows a NEGATIVE $55,300 net worth. There are details but, really, what’s the point? When a candidate’s net worth is in the red…

— Rebecca Bays, county commission District 4: $364,572 net worth; assets include Freedom Hill Farms property on C.R. 581 valued at $321,498; annual income $153,063 from Bays Unlimited Inc., an insurance business.

— John Murphy Jr., county commission District 4: $2.2 million net worth; Inverness home valued at $521,300; annual income $73,000 from the Citrus County Chronicle (split between the two separate companies that owned the Chronicle for parts of 2021).

—Winn Webb, county commission District 4: $1.15 million net worth; Floral City home valued at $221,166; annual income $181,064 through pensions and investments. Webb filed his income tax return, so there’s plenty to weed through if someone is really interested in those details.

—Deborah Daniels, school board District 5: $122,350 net worth; Hernando home valued at $165,000; income $32,800 in Social Security and retirement pension.

— Joe Faherty, school board District 5: $56,181 net worth; annual salary of $72,090 from the Citrus County Sheriff’s Office.

— Linda Powers, school board District 5 incumbent: $1.3 million net worth; Inverness home valued at $350,000; income of $34,257 from the school board and $17,128 Social Security.

— Mary Seader, school board District 5: $818 net worth; Inverness home valued at $150,000; monthly income $1,435 Social Security.

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