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Riley gets most of his income from investments

MONTGOMERY (AP) — When Gov. Bob Riley reminisces about his farm in Clay County, that’s not an indication of where he gets most of his income these days.

On Riley’s annual financial disclosure statement, he reported less than $10,000 in income from his 600-acre farm in Ashland during 2006. That’s the same figure he reported a year earlier for 2005.

Tara Hutchison, Riley’s press secretary, said Wednesday the governor’s state duties occupy nearly all of his time, leaving little time to spend in Ashland. She noted that in most income categories, his 2006 financial statement was very similar to his previous one.

Alabama’s elected officials have to file financial disclosure forms each spring with the State Ethics Commission that list their income and debts for the previous year in broad financial categories.

Riley’s 2006 form, filed on April 30 of this year, shows that beside the $96,361 salary as governor last year, he got most of his income from investments.

The Republican governor reported that he made between $150,000 and $250,000 in capital gains in 2006 from his 50 percent interest in Riley Investments Partnerships.

He reported making between $10,000 and $50,000 each in rent or lease income from his beach condominium in Sarasota, Fla.; Southland Manufacturing in Ashland; Riley Investments Partnership; a 50 percent interest in Woodland Hills Partnership; and a 50 percent interest in Raintree Development.

In addition to his farm, Riley had seven other pieces of property that each generated less than $10,000 last year.

Riley reported owing three banks a total of more than $250,000.

Copyright 2005 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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