Aug. 5--Regular election cycles can mean little long-term financial security for political officeholders, and many part-time city council and board positions don't offer significant compensation. However, a review of the statements of economic interests filed by local public officials across the Mountain Empire reveals that many have done a nice job tending to their nest eggs.

The Bristol Herald Courier and News Channel 11 Connects spent the past four months reviewing the financial interest disclosure forms required of all public officials in Virginia and Tennessee.

401ks and IRAs

Of more than 250 state and local Virginia officials included in a database created for this project, 102 -- or 39.8 percent -- reported ownership of some type of securities -- stocks, bonds, mutual funds, partnerships and commodity futures contracts.

Almost two-thirds of those reported more than one fund.

Twenty-three filers who claimed securities listed a value of more than $250,000 on forms filed by the deadline, Jan. 15, 2009.

While 401k savings plans have been popular for some time, only nine respondents applied that specific description to their securities. Another nine listed their holdings as individual retirement accounts.

Of the forms reviewed, one of the most prominent investors was Steve Davis, a member of the Tazewell County Board of Supervisors. Davis reported 20 different securities investments, including 13 mutual funds with four different firms and stock holdings that include Exxon-Mobil, Ingersoll-Rand, Chevron, Norfolk Southern and 3M.

Dean Hymes, another Tazewell supervisor, reported 18 securities investments, including 16 in mutual funds. Of those, six were valued between $50,000 and $250,000 each, with the remainder between $10,000 and $50,000. Besides mutual funds, Hymes owns stock in James River Coal.

Both Davis and Hymes reported investment values between $10,000 and $250,000 for each account.

Value categories

The most recent Virginia forms break down the value of investments into three categories -- less than $50,000, from $50,000 to $250,000 and greater than $250,000.

State Delegate H. Morgan Griffith, R-Salem, added the greater-than-$250,000 category to the securities form in 2006. He got the idea from looking at his own investments, realizing that it was becoming more and more common for people to have that much and more in their accounts.

Soon, Griffith said, the range amount might need to be changed when it becomes common for investments to become even more valuable.