New Jersey’s legislators, both in the Senate and Assembly, are up for election in 2023. And according to the state Election Law Enforcement Commission, the two state political parties and four legislative leadership committees — known as the “Big Six” — enter the year with larger than usual cash reserves.

Combined, Democrats and Republicans have $2.8 million stockpiled for the 2023 election — 107% above average. Democrats have the lion’s share of that; the three Democratic committees jointly reported $2.2 million, the most in a decade and 175% above the party average. Their GOP counterparts reported $624,898, 11% above average and the most since 2016.

The large cash reserves might signify the importance of this year’s election, according to Jeff Brindle, ELEC’s executive director. “Money isn’t everything. But having more money means you can afford more on media buys, direct mail, get-out-the-vote and other campaign purposes,” Brindle said.

Democrats hold a 24-to-16 margin in the Senate and a 46-to-34 margin in the Assembly.