Burn Rate, Spin Cycle
|Garry South at the Westly campaign is distributing a memo saying that for all the money Angelides is raising, he is spending a ton to do it.|
The first half of '05, Angelides raised $4.4 million into his gubernatorial campaign committee. During that same six-month period, his campaign spent $2.7 million. That's a "burn rate" (i.e., percentage of spending vs. funds raised) of 61% in the first half of '05. This is extraordinarily high for any type of campaign -- and especially in the "off year."
During the second half of '05 (FPPC report filed Tuesday), he raised $4.6 million into his campaign account, and spent -- again -- $2.7 million. That's a "burn rate" of 59%.
South's right. Angelides has been spending money fast--but that is in part because he has been actively campaigning for so long.