With a key state election year looming, the six top fund-raising committees of the two major parties are reporting their heftiest cash reserves in years, according to reports filed with the New Jersey Election Law Enforcement Commission (ELEC).
The two state parties and four legislative leadership committees have banked a combined total of $3.4 million. That is more than any previous year since 2014 and is 114 percent above the average collective war chest for that period.
Table 1
Year-End Big Six Cash-on-Hand
Totals 2014-2024
Year
Both Parties
Democrats
Republicans
2014
$1,662,052
$ 667,584
$ 994,468
2015
$ 979,220
$ 338,245
$ 640,975
2016
$1,667,465
$ 624,725
$1,042,740
2017
$ 738,454
$ 484,264
$ 254,190
2018
$1,546,522
$1,069,437
$ 477,085
2019
$ 660,067
$ 454,940
$ 205,127
2020
$1,378,385
$ 996,336
$ 382,049
2021
$1,017,094
$ 895,341
$ 121,753
2022
$2,820,447
$2,195,548
$ 624,898
2023
$1,773,148
$1,600,536
$ 172,612
2024
$3,432,424
$2,586,332
$ 846,092
2014-2024 Average
$1,606,843
$1,083,026
$ 523,817
2024 Versus Average
114%
139%
62%
Ample cash reserves will be critical in a year when Democrats are trying to maintain the governor’s seat for the third term in a row while also keeping their majority in 80-member state Assembly. The full Senate is not on the ballot this year.
However, at least one state Senate seat will be subject to a special election.
The three Democratic committees combined reported nearly $2.6 million in the bank at year end. That represents a high for the decade and 139 percent above the average year-end total during the same time span.
Democrats reported three times more cash than Republicans.
The GOP reported $846,092 in cash-on-hand at the end of 2024. That still is the party’s largest hoard since 2016 and is 62 percent more than the decade-average for the party.
Looking back four years earlier, fundraising and spending totals for Republicans were down but cash totals were up. Democratic totals have increased across the board.
Table 2
Campaign Finance Activity by
“Big Six” Committees for 2024 Versus 2020
REPUBLICANS
RAISED
SPENT
CASH-ON-HAND
NET WORTH*
New Jersey Republican State Committee
$ 743,878
$ 596,289
$ 175,218
$ 175,218
Senate Republican Majority
$ 349,671
$ 123,272
$ 300,275
$ 300,275
Assembly Republican Victory
$ 384,984
$ 85,492
$ 370,599
$ 370,599
Total – Republicans – 2024
$1,478,533
$ 805,053
$ 846,092
$ 846,092
2020 Totals
$1,659,042
$1,482,120
$ 382,049
$ 382,049
Versus 2020 (Percent)
-11%
-46%
121%
121%
DEMOCRATS
New Jersey Democratic State Committee
$1,740,288
$1,719,545
$ 155,280
$ (16,439)
Senate Democratic Majority
$ 805,284
$ 389,880
$1,307,740
$1,307,641
Democratic Assembly Campaign Committee
$1,330,499
$ 780,850
$1,123,312
$1,092,873
Total – Democrats – 2024
$3,876,071
$2,890,275
$2,586,332
$2,384,075
2020 Totals
$2,601,886
$2,060,490
$996,336
$ 931,928
Versus 2020 (Percent)
49%
40%
160%
156%
BOTH PARTIES
Total Both Parties– 2024
$5,354,604
$3,695,328
$3,432,424
$3,230,167
2020 Totals
$4,260,928
$3,542,610
$1,378,385
$1,313,977
Versus 2020 (Percent)
26%
4%
149%
146%
*Net worth is cash-on-hand adjusted for debts owed to or by the committee.
Big Six campaign finance activity tends to lag in federal election years and then doubles or even triples or more in state election years, particularly when there is a gubernatorial campaign.
For instance, the Big Six raised $5.3 million in 2024. The total in 2023, a state election year, was three times higher.
Spending in 2024 was $3.7 million. It was more than four times higher in 2023.
Table 3
Campaign Finance Activity by “Big Six”
January 1 through December 31
BOTH PARTIES
RAISED
SPENT
CASH-ON-HAND
STATE OR FEDERAL
ELECTION TYPE
2014
$ 4,872,907
$ 4,048,955
$1,662,052
Federal
S/H
2015
$ 8,027,793
$ 8,661,126
$ 979,220
State
A
2016
$ 4,518,172
$ 3,842,223
$1,667,465
Federal
P/H
2017
$12,243,328
$13,348,131
$ 738,454
State
G/S/A
2018
$ 6,194,632
$ 5,393,169
$1,546,522
Federal
S/H
2019
$ 7,155,435
$ 8,016,939
$ 660,067
State
A
2020
$ 4,260,928
$ 3,542,610
$1,378,385
Federal
P/S/H
2021
$16,892,473
$17,046,596
$1,017,094
State
G/S/A
2022
$ 5,872,014
$ 4,071,602
$2,820,447
Federal
H
2023
$15,797,733
$16,809,781
$1,748,148
State
S/A
2024
$ 5,354,604
$ 3,695,328
$3,432,424
Federal
P/S/H
P=Presidential; S=US or State Senate; H=House; G=Gubernatorial; A=Assembly
State parties and legislative leadership committees are required to report their financial activity to the Commission on a quarterly basis. The reports are available on ELEC’s website at www.elec.nj.gov.
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As the state election year approaches, political committees in New Jersey are gearing up for what is expected to be a highly competitive and closely watched race. The ‘Big Six’ committees, which represent the state’s major political parties, have been busy building up their reserves in anticipation of the upcoming election.
According to recent reports from Insider NJ, the ‘Big Six’ committees – which include the Democratic State Committee, Republican State Committee, Senate Democratic Majority, Senate Republican Majority, Assembly Democratic Majority, and Assembly Republican Majority – have all maintained strong reserves heading into the election year. This is a clear indication that both parties are taking the upcoming election seriously and are prepared to invest heavily in their campaigns.
The strong reserves held by these committees will allow them to fund a wide range of campaign activities, including advertising, voter outreach, and candidate support. In a state as politically diverse as New Jersey, where elections are often decided by slim margins, having a well-funded campaign can make all the difference in determining the outcome of an election.
In addition to building up their reserves, the ‘Big Six’ committees have also been actively recruiting candidates and strategizing for the upcoming election. With control of the state legislature and governor’s office up for grabs, both parties are expected to field strong candidates and run aggressive campaigns in an effort to secure victory in November.
As the election year progresses, it will be interesting to see how the ‘Big Six’ committees continue to allocate their resources and strategize for success. With strong reserves and a competitive spirit, both parties are poised to make a significant impact on the outcome of the upcoming election. Voters in New Jersey can expect to see a hard-fought and closely contested race as the state’s political landscape continues to evolve.
