The New York City Campaign Finance Board announced the payment of public matching funds to one candidate for the Council District 12 special election in November. A total of $43,867 was distributed to Cheryl Simmons-Oliver, who qualified for matching funds on this second payment date. A payment was made to candidate Andrew L. King on October 12, 2012.
For a special election, the Program matches each dollar a New York City resident gives, up to $87 per contributor, with six dollars in public funds, for a maximum of $522 in public funds per contributor.
By joining New York City’s voluntary Campaign Finance Program, candidates agree to abide by strict spending limits. In return, candidates in the Program may qualify for public matching funds. Of the six active candidates filing disclosures with the CFB, five have joined the Campaign Finance Program for the special election.
Qualifications for public funds. To qualify for public financing, candidates who join the Program must be on the ballot and have opposition on the ballot. They must demonstrate compliance with the Campaign Finance Act, and they must also demonstrate they have adequate support from the public by meeting a two-part threshold. Candidates must raise a minimum amount of money in “matching claims” (i.e. up to $87 of each contribution from a New York City resident) and collect contributions from a minimum number of individuals.
Maximum public funds available. The maximum amount each candidate can receive in matching funds is capped at 55 percent of the applicable spending limit. Pursuant to the Campaign Finance Act, the CFB withholds five percent of each candidate’s public funds payment until the final pre-election payment for each election to ensure continued compliance with the law.
The second disclosure statement for all candidates in the Council District 12 special election is due by ,midnight, October 26, 2012. For more information, see this separate release.
For more information about the Campaign Finance Program, please visit www.nyccfb.info/