Valdes Smith expects $375K from new program
Advocates for the public financing of political campaigns hoped New York State’s program would give more candidates without big-money backers a shot at public office and magnify the influence of people who donate small amounts.
Yvette Valdes Smith, a Democrat and Dutchess County legislator pursuing the District 39 state Senate seat whose boundaries include Beacon and Philipstown, believes the program is accomplishing that in its first year as it provides up to $12 for each dollar of donations between $5 and $250.
Her campaign to unseat state Sen. Rob Rolison, a Republican, has qualified for more than $341,000 in public funds from the program, which was approved by legislators in 2019 and disbursed its inaugural payments to candidates in May.
Eligibility is limited to candidates for the four statewide offices — governor, lieutenant governor, attorney general and comptroller — and the state Senate and Assembly.
More than 300 candidates for the Senate and Assembly, the only state-level races on this year’s ballot, have signed up for the program, according to the Public Campaign Finance Board, a seven-member body that is part of the state Board of Elections.
In addition to Valdes Smith, who represents part of Beacon and Fishkill on the Dutchess Legislature, state Sen. Pete Harckham and Assembly Member Matt Slater, whose districts include parts of Putnam County, are among the Hudson Valley candidates receiving public funds.
Dain Pascocello, the chief of staff for Rolison, said his campaign has also registered for public financing. But none of the money disbursed as of Tuesday (July 30) has gone to Rolison, who as of July 18 had $21,000 in his campaign account compared to $313,000 for Valdes Smith.
“I think it’s great, not just because it helps smaller campaigns like mine — gives us more of a shot,” said Valdes Smith. “But it’s involving more of our voters, and everyday people, in the entire process of the campaign.”
After years of lobbying by advocates for campaign-finance reform, the program officially took effect on Nov. 9, 2022, a day after that year’s general election.
Candidates have to opt into the program and meet criteria that include having an opponent and meet limits on the amount of personal funds donated to their campaigns. (Assembly Member Dana Levenberg, whose district includes Philipstown, did not register for public financing, according to her campaign. Assembly Member Jonathan Jacobson, whose district includes Beacon, is running unopposed.)
Participants also have to surpass minimum thresholds for overall donations and the number of people in their district who have given between $5 and $250, the amounts considered small-dollar and eligible for matching.
Candidates for governor must raise a minimum of $500,000 and collect small-dollar donations from at least 5,000 people, and people running for the other three statewide offices have thresholds of $100,000 and 1,000 donors.
For Valdes Smith’s challenge to Rolison, she needed to meet the requirements for state Senate: at least $12,000 raised and eligible donations from at least 150 residents in District 39. (The minimums for the state Assembly are $6,000 and 75 donors.)
Meeting the requirements opens the door to a generous benefit: a $6 match for every $1 raised by candidates for the four statewide offices and, for state Senate and Assembly campaigns, matching that starts at $12 per dollar for the first $50 donated before decreasing to $9 for the next $100 and $8 for the final $100.
About 400 residents from District 39 have donated eligible amounts to her campaign, said Valdes Smith. Her campaign has submitted enough contributions to the PCFB to qualify for the maximum funding, $375,000, established for state Senate candidates, she said. (For the statewide offices, the cap on total public funding is $3.5 million and for the Assembly, $175,000.)
“You’re on the ground, you’re talking to people, you’re calling voters, you’re meeting them where they’re at to ask for them to invest their hard-earned money in your campaign,” she said.
Many of those donors feel empowered when told that a $50 donation can yield $600 in matching funds, and are more interested in the election, said Valdes Smith. The system also ensures that candidates “of all backgrounds” have the money to compete, she said.
“I’m a Latina and a former public school teacher,” said Valdes Smith. “I am not from a big-money background, with donors with big pockets.”
