Credit: (AP Photo/Alex Brandon; AP Photo/Julio Cortez, File)

This year’s Democratic primary for U.S. Senate is shaping up to be an expensive one, with Democrats Andy Kim, current 3rd District congressman, and Tammy Murphy, the wife of Gov. Phil Murphy, each reporting more than $1 million raised through the end of last year.

The candidates’ year-end filings with the Federal Election Commission are not due until the end of this month, so the details about who is contributing are not available. But so far, Tammy Murphy has raised more than $3.2 million, according to her campaign, while Kim’s campaign reported that he has taken in $2.75 million.

It’s unknown yet whether Democratic Sen. Bob Menendez will seek reelection. The senator, who has represented New Jersey in Washington for more than three decades, is currently under federal indictment on corruption charges.

At least two other Democrats are also in the race. Patricia Campos-Medina, executive director of The Worker Institute at the Cornell University School of Industrial and Labor Relations, entered the race earlier this month. Longtime community activist Larry Hamm, who entered the race on Sept. 22, the same day Menendez was indicted by federal officials for allegedly using his office to benefit three associates and the government of Egypt, has not filed any campaign reports yet.

Kim also announced his switch from seeking reelection to his South Jersey House seat to the Senate seat shortly after Menendez’s indictment. FEC records show he raised close to $1.5 million between Sept. 22 and Sept. 30.

According to his campaign, Kim raised more than $1.75 million in the final quarter of 2023 and started the year with more than $2.6 million in the bank. None of that money came from corporate political committees, according to a statement from the campaign.

People power

“People are powering this campaign, and their courage to stand up against corruption and broken politics is inspiring,” Kim said in a statement. “People in New Jersey deserve a Senator with experience that will serve them with integrity, responsibility, and humility — that’s what this campaign is all about.”

Murphy, meanwhile, raised $3.2 million in the last six weeks of 2023 after she announced her candidacy for the seat in mid-November. Her campaign said that’s the most raised by any non-incumbent New Jersey candidate for U.S. Senate in the first quarter of their candidacy. Murphy has received contributions from all 21 of the state’s counties and started the year with $2.7 million on hand, according to a statement from her campaign.

Her statement about her fundraising was similar to Kim’s.

“It is clear, now more than ever, that the hardworking families making up our strong and diverse state are ready and excited for a new voice in Washington,” Tammy Murphy said in the statement. “Our extraordinary fundraising efforts highlight our broad coalition of support from every corner of the state, and I could not be more proud.”

Because the FEC reports are not yet available, it’s unknown how much of the campaign accounts came from the candidate’s personal resources.

Tale of the tax returns

Both Murphys worked on Wall Street and much of their income derives from investments. As governor, Phil Murphy has provided summaries of the couple’s tax returns and an opportunity for reporters to see the full returns each year. The couple reported $685,000 in adjusted gross income in 2022, almost $5.2 million in 2021 and an average of $2.4 million over the past five years. Tammy Murphy has filed for an extension for completing a required candidate’s financial disclosure report.

Kim has not made his tax returns public or completed a Senate financial disclosure form. His 2022 financial disclosure report as a member of the House showed close to 40 assets, most of them investments valued at less than $15,000, and a rental property that produced between $15,000 and $50,000 in income. Members of Congress and candidates only are required to report income, assets and liabilities in ranges.

Five Republicans have announced their candidacy and none have filed any financial reports with the FEC. They include Mendham Mayor Christine Serrano Glassner; Daniel Cruz, a teacher and former member of the Andover Township board of education; businessman Michael Estrada of High Bridge; Albert Harshaw, a businessman and Navy veteran from Pemberton Township; and Gregg Mele, a New Providence man who ran for governor in 2021 as a Libertarian.

Any Republican candidate is considered a long shot; New Jersey voters have not elected a Republican to the Senate in more than a half century.