Steve Fulop nears full match in gubernatorial public financing program

The New Jersey Election Law Enforcement Commission (ELEC) distributed another $1.1 million in public matching funds for New Jersey’s gubernatorial election today, including a huge disbursement to Jersey City Mayor Steve Fulop that put him very near to the public fund cap.

Fulop received $621,716 today, bringing him to $5,419,677 in total public funds received thus far – 98.5% of the way to the $5.5 million cap.

Under New Jersey’s public financing program, participating gubernatorial candidates receive $2 for every $1 they raise, but are subject to caps on how much they can spend in total (though their affiliated super PACs are subject to no such restrictions). Fulop announced well over a year ago, in October 2023, that he had raised enough to get the full $5.5 million in matching funds.

Three other candidates – Republican Jack Ciattarelli, a former assemblyman and the Republican gubernatorial nominee in 2021, and Democrats Josh Gottheimer and Mikie Sherrill, both U.S. representatives – have already reached the $5.5 million cap.

ELEC also distributed funds to three more candidates today: $72,690 to former State Senate President Steve Sweeney (D-West Deptford), a Democrat who has received $4,303,067 in total thus far (78% of the cap); $250,364 to Newark Mayor Ras Baraka, a Democrat who has received $3,117,148 (57%); and $164,568 to former radio host Bill Spadea, a Republican who has received $2,389,479 (43%).

Another Republican candidate, State Sen. Jon Bramnick (R-Westfield), has received $3,087,821 (56%), but did not get any new matching funds in today’s round of disbursements.

New Jersey Education Association President Sean Spiller, a Democrat, and former Englewood Cliffs Mayor Mario Kranjac and contractor Justin Barbea, both Republicans, will appear on June 10 primary ballots but did not raise enough money to qualify for matching funds.

The matching funds program limits participating gubernatorial candidates to $8.7 million in total spending during the primary; whichever two candidates reach the general election will then go through new rounds of fundraising and public financing, with a higher spending cap of $18.5 million.