Gubernatorial Cash Dash Continues

The race for cash in the gubernatorial race continued after the primary as campaigns geared up for the general election.

Republican Paul LePage led the way in contributions this fundraising period, with total donations of $179,077. Including expenses and the $70,000 self-loan to his campaign, this leaves him with about $260,000 cash-on-hand. Independent Eliot Cutler took in $134,845 in contributions; with expenses he now has about $66,621.61 cash-on-hand. The remaining independents, Shawn Moody and Kevin Scott, did not perform particularly well with fundraising: Moody took in $3,525 in donations while Scott had about $7,925. With Moody’s $500,000 self-loan, however, he still has about $350,000 cash-on-hand, while Scott only has a little more than $3,000 cash-on-hand. Democrat Libby Mitchell has about $500,000 of her publicly-financed campaign funds left.

Note that "Loans" does not include self-donations

Going forward, one of the major questions will be the extent to which independents Cutler and Moody are willing to self-fund. While Moody’s initial $500,000 investment was impressive, unless he continues to put his own money in he’ll have difficulty remaining competitive. Cutler, meanwhile, continues to rely mainly on his own finances as well.  He has already invested more than a quarter of a million dollars into his own campaign; will he be willing to double that? Just because a candidate has a lot of his own money to spend doesn’t mean he’s willing to pour it endlessly into a campaign. If he wants to stop sinking his own money in, he’ll have to do a better job with individual donations – whether from Maine or elsewhere.

LePage’s fundraising trends reflect the strength that won him the nomination: grassroots support. He’s raised the most in small donations, and he’s been raising most of his money in Maine. Ultimately the amount of money a campaign has is much more important than the source, which is more fodder for campaign press releases than anything else.

Still, the type of donations one receives does indicate how financially sustainable a campaign is long-term. LePage’s strong fundraising start puts him on a good trajectory for the fall, while Cutler – if he is to remain a factor in the race – will have to keep pouring his own money in. Moody is in a similar position as Cutler: if he really wants to boost his numbers, he’s going to have to invest a lot more of his own money (or run a very effective grassroots campaign).

The first fundraising reports are, like any one poll, a snapshot -in this case of the financial state of a campaign. This current report could be spun in anyone’s favor: LePage’s strong fundraising, Cutler’s deep pockets, and Mitchell’s remaining balance all could be taken as positive signs by their supporters. Whether those trends continue between now and September 21 (the next deadline) will ultimately be more indicative of the state of the race.