Now that incumbent John DeStefano has withdrawn from this year’s mayoral race, he has to decide what to do with the nearly $70,000 still in his campaign chest.
The most recent campaign finance filings for the DeStefano for Mayor committee indicate that the committee had $68,638.88 on hand as of Dec. 31, 2012.
DeStefano announced Tuesday afternoon that after 10 two-year terms in office he will not seek reelection. He’s New Haven’s longest serving mayor.
DeStefano’s retirement raises a number of questions: What will he do next? Who will enter the race? And — What will happen to all the money he raised for the 2013 reelection campaign that he has abandoned?
DeStefano and his campaign treasurer both said they don’t have an answer to that question yet.
“I haven’t thought about it yet,” the mayor said when asked Tuesday.
With the August Democratic primary still months away, DeStefano had already raised nearly $90,000 this election cycle, according to campaign finance disclosure statements. After spending $18,736.12, the committee reported having nearly $70,000 on hand.
With DeStefano out of the race, the committee has a couple of options of what to do with that money, said Josh Foley, an attorney with the State Elections Enforcement Commission.
Any time before the election, DeStefano may give the money to any tax-exempt 501-c3 not-for-profit organization. Or he may give it back to all contributors, on a pro rata basis. He may not give the money to another political campaign before the election.
After the election, DeStefano has more options, Foley said. He could still take either of the first two options, or he could distribute the money to a party committee or a political committee or to a citizens election fund.
He’d have until the Jan. 31, 2014 to shut down the campaign committee by distributing all the money and submitting a final financial statement, Foley said.
“We’ll be meeting to discuss what we will do to properly close that account,” said DeStefano campaign treasurer Stan Kontogiannis.
“I assure you as treasurer, everything will be done transparently, clean, and by the books,” he said.
Mayor DeStefano -
You can donate the monies to the New Haven Democracy Fund. The Fund is asking the City for a $200,000.00 replenishment for the 2013-2014 budget year. The Fund understands the austerity climate and how difficult it will be for the City to find money for the Fund.
Thus, this $70,000.00 would go a long way towards strengthening the Fund. Such a vote of confidence in the Fund from its creator could help inspire all Mayoral candidates this cycle to participate in the Fund.
At the minimum, it would be great if you replenished the Fund with the $11,850.00 that your campaign received as matching funds in 2007, and the $11,390.00 that your campaign received as matching funds in 2009.
Thank you in advance for your time and cooperation, and the Fund looks forward to a positive response from you.
Regards,
Kenneth J. Krayeske
Administrator
New Haven Democracy Fund