The Volusia County Council includes three millionaires. Where do they make their money?
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Of the seven members of the Volusia County Council, three are millionaires, according to recent financial disclosures from the Florida Commission on Ethics.
The vast majority of that wealth comes from investments such as real estate and stocks and not from their day jobs.
Every year, elected officials and certain public employees have to file financial disclosures, which are public records. Financial disclosure forms are due July 1 each year for the prior year, so these forms are for 2022. The Florida Commission on Ethics provides a grace period until Sept. 1 before assessing fines on late filers.
People can search for financial disclosures online.
Here's a look at some of the highlights from the forms for 2022.
Who's the wealthiest Volusia County councilman?
Here's a ranking of the wealthiest councilmen based on reported net worth.
District 1 Councilman Don Dempsey, of DeLand: over $4.5 million as of June 1, 2023.
At-Large Representative Jake Johansson: over $3.4 million as of Dec. 31.
District 3 Councilman and Vice Chair Danny Robins: over $1.2 million as of Dec. 31.
District 2 Councilman Matt Reinhart: about $720,948 as of Dec. 31.
District 5 Councilman David Santiago: about $690,835 as of Dec. 31.
District 4 Councilman Troy Kent: $500,000 as of Dec. 31.
County Chairman Jeff Brower: $206,676 as of Dec. 31.
What are their day jobs, and what investments do they have?
Councilmen listed their assets, income, liabilities and other required information. In addition to outside income, council members other than the chairman make about $51,292 a year before taxes for their work on the board, and the chairman makes about $61,550 before taxes.
Dempsey
Dempsey is an attorney focused on criminal defense and family law. His law firm is in DeLand and made him an estimated $637,230.
But a large chunk of Dempsey's wealth comes from real estate. His assets include several properties in DeLand and one in Pennsylvania worth over $1.4 million combined. Three rental properties in DeLand brought in $3,750 a month. He listed his home's value as $852,817.
His business Dempsey Properties DeLand brought in an estimated $170,448 for him, and he has stock in the business valued at over $1.7 million. He also listed himself as a one-third-member in Malory Square LLC, which he reported as having a $25,000 value.
Dempsey listed a $118,469.66 liability to Donald Dempsey Sr. of Orange City.
Johansson
A significant portion of Johansson's wealth comes from stocks and investment funds, collectively worth over $2 million, according to his report. Among the most significant assets listed outside of investment funds was Apple stock worth $82,913.84.
Johansson listed over $7 million in checking and savings and over $34,000 in a business account.
His sources of income include a military pension, VA disability and business income through his firm Core Concepts Leadership. His wife, Kristin, is an employee. He listed clients include Embry-Riddle Aeronautical University and the Southeast Volusia Chamber of Commerce.
He said he has reduced his work through Core Concepts Leadership to avoid conflicts of interest.
Johansson listed a mortgage liability of $414,363.
Robins
Robins listed his home's value at $300,000. He listed as assets a manufactured home and vacant land on Tomoka Farms Road in Port Orange worth $425,000 combined.
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His other assets include a range of vehicles and equipment, including ATVs and a motorcycle, trailers and boats. He listed a savings account of $200,000, among other sources of funds.
His sources of income were $48,583 from his business Halifax Supply in Port Orange and $24,383 from his city of Daytona Beach pension ― he worked for the city as a police officer.
Robins listed liabilities of $92,500 from Space Coast Credit Union and $2,500 from Bank of America.
Reinhart
Reinhart, former Volusia County Corrections division warden, listed his home's value at $425,336 and listed a savings account with $2,711.73.
He did not list any source of income over $1,000.
Reinhart listed a liability of $30,402.59 from Upgrade loans.
Santiago
Santiago, a former state representative, listed his property's value as $350,000, bank accounts with $16,030.19, a retirement plan worth $227,083.01 and participation in the Florida Retirement System worth $136,992.56.
His sources of income were Colodny Fass, a law firm and consulting business, which brought him $120,000. He also listed income from NE Florida Health Services of $59,536.30.
He listed his consulting business Maximus Strategic Concepts as another source of income but without a dollar amount.
Santiago listed a liability of $39,269.89 from Chase Mortgage.
Kent
Troy Kent listed income of $64,000 from Volusia County Schools. He listed his home's value at $500,000.
Kent listed a liability of $26,000 from Space Coast Credit Union.
Brower
Brower listed $27,930 in income from Social Security.
He also listed an IRA worth $8,000 and two bank accounts with $16,477 in total.
Under liabilities Brower listed a line of credit from Mainstreet Community Bank for $47,587 and an auto loan from the same bank for $2,874.
This article originally appeared on The Daytona Beach News-Journal: Financial disclosures from Volusia councilmen reveal net worth
