Citing his ongoing corruption case, the city’s Campaign Finance Board denied Mayor Adams about $4 million in public matching funds for his 2025 reelection run Monday, dealing a big blow to Adams as he tries to fend off more than a half dozen challengers in next year’s Democratic primary.
In a brief meeting at the board’s Manhattan offices, CFB Chairman Frederick Schaffer said the panel made the decision because it “has determined that there is reason to believe that the Adams campaign has engaged in conduct detrimental to the matching funds program in violation of law.”
Schaffer attributed that finding to Adams’ federal indictment, which alleges he solicited bribes and illegal donations to his 2021 campaign, mostly from Turkish government operatives, in exchange for political favors. Adams has pleaded not guilty to those charges, which are being brought by the Manhattan U.S. attorney’s office.
“His campaign also failed to provide documents and information requested by the board,” added Schaffer, who used to be a prosecutor in the Manhattan U.S. attorney’s office.
The matching funds program provides candidates $8 in public cash for each dollar contributed by NYC residents up to the first $250, a structure that can provide a massive boost as political hopefuls need lots of money to pay for ads, staff and other resources. The program was launched in 1988 as part of a series of anti-corruption reforms.
Adams’ 2025 campaign had sought about $4 million in public matching funds it now won’t be allocated — at least for the time being. Schaffer noted Adams, who’s set to go on trial in April, can appeal the board’s decision.
Vito Pitta, Adams’ campaign lawyer, didn’t immediately say whether the mayor will appeal. In a press conference at City Hall later in the day, Adams said he would conduct a vigorous campaign even if he doesn’t get matching funds.
“We believe we should get matching funds — I keep saying I did nothing wrong — but if the determination is not made, I’m not going to sit home and say, you know, ‘How unfair it is for me.’ No, Eric, get your ass out there and do what you do, do what you do,” Adams told reporters.
“I’m going to outwork everyone that’s running for mayor. No one is going to outwork me, and I’m going to get my message out.”
Adams’ five-count indictment mentions abuse of the matching funds program as being among his alleged offenses, arguing the $10 million he received in public cash in the 2021 cycle was fraudulently obtained due to the inclusion of illegal foreign donations in his campaign coffers.
Besides the indictment, the CFB has dinged Adams’ campaign for various bookkeeping errors in recent months, including disclosing a draft audit finding his 2021 campaign failed to respond to repeated requests for information from the board and did not properly document $2.3 million in spending that included payments to top aides.
Adams had raised about $4.1 million in private funds for his reelection campaign account as of the Oct. 9 end of the most recent reporting period.
His team said in October it had effectively stopped fundraising because it believed that with matching funds factored in, he had reached the limit. The spending cap for the June 24 mayoral primary is $7.9 million.
Adams has the option of not participating in the public matching funds program altogether. If he takes that route, he’d be able to raise more on a per donor basis, with allowable contributions up to $3,700 per individual, compared with the $2,100 max allowed for mayoral campaigns enrolled in the matching funds program.
The mayor hosted a fundraiser with cryptocurrency industry executives in Puerto Rico last week where attendants were encouraged to give $3,700 each.
The next matching funds payment is Jan. 15, and Adams could apply for public money then, too.
Even if he applies for public funds on future CFB payment dates, Laura Tamman, a Pace University political science professor specializing in New York election law, said it’s unlikely the board would change its mind unless something materially changes in his corruption case.
“It is hard to imagine a scenario under which the CFB will ever grant matching funds to his 2025 mayoral campaign,” said Tamman.
The only 2025 mayoral candidate cleared to receive the first round of matching funds Monday was Scott Stringer, the former city comptroller who has raised money for his bid for nearly a year.
In order to be eligible for matching funds, mayoral candidates must raise at least $250,000 from 1,000 city residents. Having achieved that benchmark, Stringer’s slated for about $2 million in matching funds under the board’s decision, adding to the $279,370 he had on hand as of the end of the last reporting period.
That gives him nearly $2.3 million to spend so far. Adams currently has $3.1 million in cash on hand in his campaign account.
Adams’ opponents responded to the board’s decision with broadsides aimed at the incumbent.
“New York City needs a proven reformer to clean up City Hall and get the government back to delivering for people in this city,” Stringer said in a statement after the board meeting. “Our campaign qualifying for matching funds shows that New Yorkers trust that I am the best candidate to do so.”
Comptroller Brad Lander, another 2025 mayoral candidate, also met the threshold to be eligible for Monday’s first matching funds payout. However, in a slipup, Lander’s campaign failed to submit the so-called “Certified Statement of Need” in time to get included in the first tranche of payments.
All the other 2025 mayoral candidates had not met the fundraising thresholds required for the first matching funds round.
Several of Adams’ other challengers, including Lander, Queens Assemblyman Zohran Mamdani and Brooklyn state Sen. Zellnor Myrie, have said they expect to become eligible for public matching funds by the next Jan. 15 disbursement.
“Today’s decision by the Campaign Finance Board to deny Mayor Adams taxpayer matching funds upholds the integrity of this landmark program,” Mamdani said. “We can further restore faith in our democratic system by defeating Eric Adams and the culture of impunity he has fostered at the polls in 2025.”
