Former Senate President Steve Sweeney raised a significant $1,050,000 during the first three months of this year and has now raised roughly $1,255,000 for his bid for the Democratic nomination for Governor of New Jersey in 2025.
Sweeney has about $1.2 million cash-on-hand after spending about $50,000 since joining the race on December 11.
Under New Jersey’s gubernatorial public financing law, which matches contributions with $2 for every $1 raised, Sweeney will have about $3.45 million available to spend so far. That number doesn’t include any super PACs that might be supporting him.
The New Jersey Election Law Enforcement Commission sets campaign contribution limits and spending caps and historically adjusts the amount for inflation. In 2021, the contribution limit for the primary election was $4,900; with a $4.6 million cap on matching funds, candidates had a $7.3 million spending limit in the primary campaign. In the last election, there was a deductible of $156,000 before funds were matched.
The acting executive director of the New Jersey Election Law Enforcement Commission, Joseph Donohue, told the New Jersey Globe last year that marching funds won’t be awarded until early 2025, regardless of when a candidate qualifies. According to Donohue, thresholds to qualify, contribution limits, and caps on campaign spending will be set around December 15, 2024.
The other Democrat in next year’s governor’s race, Jersey City Mayor Steven Fulop, has already raised enough money to qualify for the full match. He brought in $2,718,078 in 2024. Additionally, Fulop’s super PAC, Coalition for Progress, has over $8.5 million banked.
State Sen. Jon Bramnick (R-Westfield), the only announced GOP candidate for governor, raised $800,000 in his first nine weeks in the race. Former Assemblyman Jack Ciattarelli (R-Somerville), who came within three points of beating Murphy in 2021, will formally announce his candidacy next week.