Jersey City Mayor Steve Fulop raised an impressively herculean $2.2 million in his first quarter as a candidate for the Democratic nomination for governor in 2025, a number that balloons to roughly $6.3 million under New Jersey’s 2-1 match for public financing of gubernatorial campaigns.
Fulop sets a record for the most money raised in their first three months by any non-incumbent, non-self-funding gubernatorial candidate in New Jersey history.
He topped Republican Chris Christie in 2009, Democrat Barbara Buono in her unopposed 2013 primary, and the other contenders from both parties in 2017 and 2021. Murphy self-funded his first primary and didn’t take public financing; as an incumbent, Gov. Phil Murphy – boosted by the fundraising prowess of First Lady Tammy Murphy — raised over $3.5 million by the end of 2020 in advance of his re-election bid.
“From the day we launched we have received an overwhelmingly positive reaction from Democrats throughout New Jersey, and this unprecedented fundraising total is the latest sign that our campaign is gaining major momentum,” Fulop said. “I’m so thankful to the more than 1,300 individuals who contributed to our campaign and who have bought into our vision for New Jersey’s future.”
While numbers are not apples to apples, the combination of Fulop’s gubernatorial campaign account with the $6.5 million cash-on-hand for his super PAC, Coalition for Progress, puts the Jersey City mayor within close range of one of his potential 2025 rivals, Rep. Josh Gottheimer (D-Wyckoff), the Human Fundraising Machine. Gottheimer had $14.2 million in his congressional campaign account as of March 31 – that number will almost assuredly be larger when he releases his second quarter 2023 numbers this week — plus another $313,000 in his Jersey Values PAC.
Fulop is holding on to his cash, spending about $51,000 since he announced his bid for governor on April 11.
The New Jersey Election Law Enforcement Commission has yet to decide the public financing threshold for 2025 or the cap on campaign spending for the primary election. In the past, the panel increased its numbers every four years based on the inflation rate.
In 2021, the threshold to qualify for matching funds was $490,000; the first $156,000 did not get matched. Candidates who accepted public financing agreed to a $7.3 million expenditure limit.
If the numbers remained the same as the last election, Fulop would be more than 92% of the way toward raising the maximum amount.
The present individual limit on campaign contributions to a candidate for governor is $4,900, although Elec may change that limit.
Fulop’s early announcement comes with risks and rewards. All expenditures since April will be applied against the cap, but he’s also gotten the lion’s share of his fundraising out of the way; when other candidates begin to raise money, Fulop will be free and clear to concentrate on winning Democratic primary votes.
“Our campaign is growing every day with new volunteers, supporters, and donors coming on board, and I’m proud of not only what we raised but the fact we have kept expenses remarkably low for a campaign of this scope,” said Fulop. “We’re going to continue working hard over the next 23 months to build our coalition and roll out the most detailed and forward-looking policy agenda in any New Jersey gubernatorial campaign.”
So far, Fulop has been building his campaign team, including Mark Putnam as his media consultant, Fred Yang as his pollster, Ian Mandel as a research consultant, Megan Clasen as a digital consultant, and Phil Swibinski of Vision Media Marketing.
His super PAC has signed on Red Horse Strategies, which helped direct Eric Adams’ campaign for mayor of New York City in 2021 and independent expenditures for Democratic candidates in more than 30 states, and Impact Research, the polling firm led by John Anzalone; Anzalone polled for Barack Obama and Joe Biden, and has extensive experience in New Jersey races. Coalition for Progress’ consultant roster will also include Siegel Strategies, a media firm, and Precision Strategies, a digital media company that worked for Obama’s 2012 re-election campaign and statewide and congressional candidates across the U.S.
Since April, Fulop has also secured endorsements from two Democratic county chairmen, the organization line in his home county, Hudson, nine mayors, and some labor unions.
Fulop, 46, is serving his third term as mayor of Jersey City and is the first mayor to spend more than ten years in office since Frank Hague. A U.S. Marine Corps veteran deployed to Iraq after 9/11, Fulop defeated incumbents to win races for city council in 2005 and mayor in 2013.
With Murphy term-limited, the field of prospective Democratic gubernatorial candidates remains large: Newark Mayor Ras Baraka, Assembly Speaker Craig Coughlin, former Deputy U.S. Secretary of the Treasury and 2017 candidate Jim Johnson, Lt. Governor Sheila Oliver, Montclair Mayor/NJEA President Sean Spiller, Senate Budget and Appropriations Committee Chair Paul Sarlo, Senate President Nicholas Scutari, Rep. Mikie Sherrill (D-Montclair), former Senate President Steve Sweeney, and Gottheimer.