Gubernatorial candidates raise $23.7 million, spend $6.4 million in early months of race

Tennessee's top-tier gubernatorial candidates raised $23.7 million in the early months of the campaign while spending $6.4 million, according to a USA TODAY NETWORK-Tennessee analysis of campaign finance records.

The $23.7 million includes $12 million in personal investments, coming in the forms of loans and contributions, from the candidates themselves.

The totals also include contributions and spending by former Sen. Mae Beavers, who earlier this week ended her bid for governor.

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The latest totals provide an yet another view into the expectation that this year’s gubernatorial election could be among the most expensive in state history.

Fundraising

Leading the way in the overall fundraising effort is Knoxville entrepreneur Randy Boyd, who has raised $7.5 million for the race. But that total includes pumping $4 million of his own money into the campaign.

House Speaker Beth Harwell has raised $5.2 million for her campaign, although her totals are significantly bolstered by a $3.1 million personal loan and after transferring another $926,000 from her other campaign committees.

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Williamson County businessman Bill Lee has amassed $4.5 million in contributions so far in the race. But like his competitors, that includes $2.2 million of his own money.

With $2.7 million in contributions, U.S. Rep. Diane Black trails the GOP field. That includes $1 million of her own money.

On the Democratic side, former Nashville Mayor Karl Dean has amassed $2.6 million in contributions so far. He has personally donated $207,000 to his campaign.

House Minority Leader Craig Fitzhugh is trailing the field, with just $804,000 in contribution - which includes a $500,000 personal loan.

Typically, fundraising totals are viewed as significant measure of a candidate's viability.

Latest disclosures

The latest disclosures are the first ones of the campaign so far for Black, Harwell and Fitzhugh. They entered the race after the previous reporting period deadline.

During the latest reporting period, which covers money raised and spent from July 1 to Jan. 15, Black brought in the most contributions, excluding personal investments. During that period, she amassed $1.7 million from donors.

At the same time, Boyd and Dean raised $1.2 million and Harwell raked in $1.1 million from donors. Lee raised $904,000, followed by Fitzhugh who received $304,000 in contributions.

Like Fitzhugh, Dean received contributions from former Gov. Phil Bredesen and former Democratic gubernatorial candidate Mike McWherter.

In recent days, as the campaigns began to file their disclosures with the state, each hailed their own numbers in different ways.

Harwell pointed to the $5 million she has available to spend, while noting her contributions came from more than 1,000 Tennesseans.

Boyd highlighted his total haul in contributions since entering the race, adding his 3,000 donations came from residents in the state's 95 counties.

Black noted that she outraised the other candidates in the latest period.

Lee pointed out his total contributions throughout the year. While some see Lee having a tougher road to victory, his financial status gives him a chance to remain a viable candidate.

Dean noted he had nearly 6,000 total contributions.

Available money

Including all personal investments and contributions, the six top-tier candidates currently have $17.1 million available to spend on the race.

Harwell leads the way with $5 million available, followed by Boyd who has $4 million. Lee's campaign has access to $3.7 million.

Dean and Black have $1.8 million and $1.7 million to spend, respectively.

Fitzhugh has $681,000.

Expenditures

Thus far, the candidates have spent $6.4 million combined on various campaign operations. The latest totals do not include TV ad buys that several of the candidates recently launched.

During the 2010 governor's race, more than $20 million was spent.

Reach Joel Ebert at jebert@tennessean.com or 615-772-1681 and on Twitter @joelebert29.

An earlier version of this story incorrectly stated total contributions to Bill Lee. It has since been updated and as a result the total amount raised during the race has increased.