Originally Posted Online: June 19, 2012, 5:56 pm
Last Updated: June 20, 2012, 3:56 pm
Report lists assets, income, debts for Schilling, Bustos
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By Eric Timmons, email@example.com
Photo: Staff Photos|
Cheri Bustos, 17th Congressional District Democratic challenger, of East Moline, and U.S. Rep. Bobby Schilling, R-Colona.
U.S. Rep. Bobby Schilling's net worth has plummeted over the last year, according to his latest personal financial disclosure filing.
Large write-downs on the value of his assets and an increase in his reported debt has seen the net worth for Rep. Schilling, R-Colona, fall from between $487,008 to $1,489,998 in 2010 to between $359,999 and negative $126,994 in 2011, public records show.
Cheri Bustos, his Democratic rival on Nov. 6, has a net worth of between $1.097 million and $5.965 million, according to her personal financial disclosure. But the net worth of the former East Moline alderwoman is skewed because she included the value of the pension of her husband, Gerry Bustos, in her financial disclosure.
Mr. Bustos is a captain with the Rock Island County Sheriff's Department; the value of his pension is listed as between $1 million and $5 million, which is an estimate of the total amount he could earn over his retirement. He will earn a pension of $4,100 a month when he retires and the value of the pension is based on an average male life expectancy of 78.
Subtract that pension, and Ms. Bustos's net worth is somewhere between $967,000 and negative $2,000.
She also owns a condominium in Des Moines, on which she reported an outstanding mortgage of between $100,000 and $250,000. She did not have to include the value of the condominium in her disclosure, which would have increased her net worth.
Congressmen and candidates for federal office are required to disclose only a broad range of value in which their assets and income fall. Their net worth is estimated by deducting their liabilities from their assets based on the financial disclosure reports filed with Office of the Clerk of the U.S. House of Representatives.
In addition to working as a congressman, Rep. Schilling owns St. Giuseppe's Heavenly Pizza in Moline, although he took no salary from the business last year. In 2010, he paid himself $1,750 from the restaurant, compared to around $44,000 in 2009. He earns an annual salary of $174,000 as a congressman.
On his latest disclosure report, the estimated value of the pizza parlor had dropped from between $100,000 and $250,000 to between $50,000 and $100,000. In 2010, Rep. Schilling did not have to show his mortgage as a liability; in the current report, he does.
"The real estate market has really taken a hit in East Moline," said Terry Schilling, Rep. Schilling's son and campaign manager. "It just goes to show that Bobby Schilling has a real stake in this economy."
He added "there was no way Bobby has a negative net worth."
Ms. Bustos quit her job with Iowa Health System in 2010 to prepare her run for Congress. She earned $214,000 from the health care network that year.
From Jan. 1, 2011, to May 15 of this year, she earned $40,000 from ZLR Ignition, a communications firm in Des Moines. She earned $60,000 from ZLR in 2010 on top of her salary from Iowa Health System.
Ms. Bustos has investments with JP Morgan, Deutsche Bank, Pimco and Janus Overseas Fund, which invests in foreign stocks. Her income from capital gains and dividends on stocks was between $49,050 and $90,650.
Rep. Schilling had between $600 and $3,000 in income from dividends and interest on an Edward Jones Account and an IRA.
Rep. Schilling also owns the Hignight Building at 367 Avenue of the Cities in East Moline -- the home of his campaign office -- valued at between $100,000 and $250,000, as well as land in Stockton, Mo., valued at between $50,000 and $100,000.