Gubernatorial candidates each get another $700k in matching funds

Phil Murphy and Jack Ciattarelli each received more than $700,000 in matching funds from the New Jersey Election Law Enforcement Commission as part of their participation in the state’s gubernatorial public financing program.

Murphy received $730,566, bringing his total matching funds to $8,151,011 – 78% of the $10.5 million available to his campaign.

ELEC also approved $744,616 to Ciattarelli.  He’s now received 53% of the maximum amount: $5,535,937.

As a condition of taking part in the public financing program, which gives them $2 for every $1 raised – less a $156,000 deductible – both candidates have agreed to a $15.6 million spending limit.  That number does not apply to state and national political party spending on their behalf – or any independent expenditures.

Murphy needs to raise another $782,996 to hit his max, while Ciattarelli needs a fundraising haul of $1,654,687.