Campaign finance filings: Hochul has $18M cash on hand; Blakeman, $178,000

ALBANY – Republican Bruce Blakeman generally kept pace with Gov. Kathy Hochul on campaign fundraising and spending over the summer,  but has a very small amount left in the bank for the race's final month, new records show.

The rivals combined to raise more than $20 million and spend more than $20 million since July — largely on commercials — according to campaign-finance reports filed with the New York State Board of Elections.

But where the two campaigns widely diverge is how much money each has remaining before Election Day.

Hochul has $18.5 million in her own campaign account. Blakeman, $178,000.

Democratic committees also have a huge edge over Republican ones in the race.

The state Democratic Committee has another $15 million. Combined with the party, Hochul has $33.5 million with one month to go. Her campaign said this was the most money a New York candidate has ever had at this point in the election cycle.

The Nassau County Republican Committee, which has been Blakeman's biggest contributor, had $2.6 million in its account as of Oct. 2. The state GOP Committee has another $244,422, which could be used to help its gubernatorial candidate.

Combined, Blakeman and the Republican committees have about $3.1 million on hand — some $30 million less than the combined Democratic forces.

Blakeman also could receive help in the campaign's homestretch campaign from at least two "Super PACs," or political action committees, that have been raising and spending money to oust Hochul. Super PACs are supposed to operate independently from a candidate, but can spend on his behalf.

One of those PACs, Strong and Safe New York, has spent $1.7 million on the race and still has $2.9 million in the bank.

Raising, spending

Hochul, a Democrat now in office five years, reported raising $12.8 million, buoyed by a $10 million transfer from the New York State Democratic Committee.

She had spent $14.8 million since July. Her largest expense was on television advertisements, spending $7.1 million, according to her filing. She spent nearly $3.3 million on online ads.

Blakeman's spending almost kept pace with Hochul: $10 million.

He raised about $6 million.

Of that, $300,000 came from the GOP state committee and $1.6 million from the Nassau County GOP Committee. The county committee has given Blakeman more than $3 million total since he announced his run for governor.

Another $2.3 million of Blakeman’s total is in public money from the state’s matching funds program, which was opened to gubernatorial candidates for the first time this year. He is eligible for a maximum $3.5 million for the race.

To qualify for matching funds, any candidate for governor must raise a total of $500,000 from at least 5,000 state residents who give $1,050 or less. The first $250 of those contributions are matched 6 to 1 by taxpayer dollars. Hochul, sitting on a stockpile of campaign money, declined to participate.

Blakeman’s fundraising and spending have exceeded expectations so far, but his low remaining balance puts him in a very tough position for the final month, said Lawrence Levy, dean of suburban studies at Hofstra University.

“Campaigns, including fundraising, are more of a marathon than a sprint, except in the final weeks,” Levy wrote to Newsday in an email. “And while Blakeman has managed to exceed expectations and has been running hard to this point, it doesn’t look like he has enough left in the tank to counter Hochul’s financial onslaught.”