Democrat Steve Fulop and Republican Jack Ciattarelli have significant cash advantages in their bids to become the next Governor of New Jersey, reports filed today with the New Jersey Election Law Enforcement Commission show.
Three other candidates, Republicans Jon Bramnick and Bill Spadea and Democrat Steve Sweeney, have qualified to receive matching funds under New Jersey’s Gubernatorial Public Financing Program.
Fulop has raised $2,937,777, including $4,711 in the third quarter, and has $2,639,318 cash on hand. Last October, the three-term Jersey City mayor, qualified for the maximum in matching funds.
Ciattarelli, who came within three points of ousting Gov. Phil Murphy in 2021, has raised $2,109,594 after a monster third quarter that brought in $893,582. He has $1,368,399 in his campaign warchest.
Sweeney has raised $2,177,694 after a $363,382 third-quarter haul. The former Senate President now has $1,939,681 banked.
Bramnick, a two-term state senator campaigning as a moderate, anti-Trump Republican, has raised $1,404,355 and has $562,778 cash-on-hand after bringing in $263,031 in the last three months.
Spadea. the host of a NJ 101.5 drive-time radio show, raised $847,620 so far — including $399,985 in the third quarter — and has $652,328 in his campaign account.
Newark Mayor Ras Baraka has raised $442,929 since joining the Democratic field in January; he raised $235,606 in July, August, and September and has $197,691 in the bank.
Former Montclair Mayor Sean Spiller, who announced his candidacy for the Democratic nomination in June, has raised $136,611 and has $127,416 cash-on-hand.
Another Republican, former State Sen. Ed “The Trucker” Durr, has not reported raising any money since launching his gubernatorial run in May. Neither has a minor candidate, former Burlington Mayor James Fazzone.
Two additional Democrats are expected to join the race later this year: Reps. Josh Gottheimer and Mikie Sherrill. Both are campaigning for re-election to their congressional seats.
Ciattarelli’s campaign finance chairman, Jeff Vanderbeek, said that a robust fundraising schedule for the fourth quarter will put his candidate on a path to hit the maximum limit of $2.9 million by the end of 2024.
In July, ELEC raised the maximum campaign contributions to gubernatorial candidates from $4,900 to $5,800, and set a $580,000 threshold to qualify for matching funds – up from $490,000 in 2021 – and a deductible of $185,000 – increased from $156,000 – before a candidate can begin to receive a $2 for every $1 match.
The limit on campaign expenditures was increased for 2025 from $7.3 million in the primary to $8.7 million, and from $15.6 million to $18.5 million in the general election. Candidates must adhere to these limits as a condition of accepting matching funds.
The cap on matching funds will increase from $4.6 million to $5.5 million in the primary and from $10.5 million to $12.5 million in the general election.