NORFOLK, Va. — The latest campaign finance reporting shows just how much donors are willing to spend this November to see their political parties take control in Richmond, ahead of the high profile Virginia elections.
According to the Virginia Public Access Project, candidates in both chambers have fundraised close to $80 million (each) in pre-election fundraising ahead of Election Day next Tuesday. This finance reporting takes adjusts for inflation as well.
When accounting for the four most recent election cycles where all 140 General Assembly were on the table, both parties have seen increases in the amount of "money raised" dating back to 2011. This election cycle, Democrats hold the fundraising advantage for both chambers.
In the State Senate, the combined total is approximately double the fundraising amount from 2011 across both parties when it sat at $44 million:
Money Raised for 2023 (State Senate)
- Democrat: $47 Million
- Republican: $34 Million
In the House of Delegates, both parties have seen a steady rise, including a more pronounced spike by Democrats starting in 2015.
Money Raised for 2023 (House of Delegates)
- Democrat: $44 Million
- Republican: $34 Million
For Republicans, this represents a roughly 50% increase dating back to 2011. For Democrats, it's roughly quadruple the number reached in 2011.
Ben Melusky, Associate Professor of Political Science at Old Dominion University, told 13News Now the money that might normally go to other high profile elections across the country may instead be funneled into Virginia's elections because they fall on an "off year."
"Will it keep growing or tap out? It’s hard to predict, we've seen this significant year over year election cycle spending increases. But I think as the state moves to change, that will impact how much money is thrown around. If it's seen as still competitive, it’ll attract a lot of money. But if it becomes a solidly blue state, maybe it’s not as important," Melusky said.
Melusky added that normally, campaigns attempting to flip a seat are more expensive than trying to maintain power, whereas a lot of money can pour into campaigns where two candidates are vying for a new district or un-held seat. He adds that because of the off year election for Virginia, money is "freed up" to come from other sources that may normally go to congressional and gubernatorial races.
“The issues matter. The last election cycles, abortion has been on the ballot. So it’s attracted a lot of money so people can keep saying ‘It’s the last state in the south without restrictions or limits on abortions,'" Melusky says.