FEC Report Open Thread
Mr. $.02 has pointed out that Steve Filson’s Q1 FEC report is now available online. As Mr. $.02 notes, Steve Filson fell well short of his promise to have $200,000 cash on hand by the end of Q1. Instead, it looks like Filson has about $125,750 COH (of which, about $6,000 is money in excess of contributions limits for the primary, meaning he can hold onto it for the general, but he cannot spend it until then). This despite the fact that Filson started the quarter with approximately $102,500 and despite the fact that he raised more this quarter than McNerney raised up to Q4 of last year. In other words, Filson raised a ton of money but ended spending most of it. It looks like the real culprit for Filson’s burn rate seems to be really high overhead costs, especially in terms of the money he pays his consultants
I should also note that Filson did pay a polling firm in New York $15,000 in early January. We never heard the results of said poll, so draw your own conclusions.
I don’t have time to do a full analysis here, especially since none of the other FEC reports are available. Feel free to use the comment section as an open thread on these FEC numbers.
Update 7:10 PM:
I spoke to Jerry McNerney's Campaign Manager, AJ Carrillo, who told me that McNerney raised just shy of $65,000 and ended the quarter with around $81,000 COH. I'm not sure what they spent so much money on, but it sounds like they spent quite a bit on mailings.
In any event, if you account for the fact that Filson cannot spend around $6,100 of his money, then the ratio of McNerney's COH to Filson's has remained relatively steady from Q4 to Q1. Also, Carrillo pointed out that Filson has accumulated $35,500 in debt. We'll have to see how much debt McNerney has (Carrillo said it was minimal), but unless it's huge, McNerney will have enough money to get his message out. And unless something weird happens, Filson will not have the money to be able to have ads on the radio or television before the primary. So McNerney's ground game will have an elevated importance in this race that it wouldn't have had if Filson had been able to raise enough money to get on the air.