Editor’s note: This story is based on campaign finance reports available as of Oct. 21, 2026. The city had not yet published Boulder Progressives’ latest spending report at the time of publication. This story will be updated as new campaign finance reports become available.
With less than two weeks until Election Day, a clearer picture of who is raising and spending money in Boulder’s 2026 elections is taking shape.
This year, Boulder will elect five city councilmembers and, for the second time, directly elect its mayor. One candidate for mayor has received substantially more campaign money than his rivals, while two county ballot measure campaigns have raised nearly half a million dollars combined.
According to the latest campaign finance reports, Aquiles La Grave, who is running for public office for the first time, has reported $40,693 in campaign funds — about 60% more than any other candidate. Most of his rivals have opted into the city’s public campaign financing program, which limits how much they can spend.
The election comes as Boulder faces budget cuts, declining tax revenue and questions about city spending. Candidates are divided over how to address housing affordability, homelessness and public safety, as well as Issue 2K, a $400 million bond measure to repair and replace aging city buildings. The election could reshape the political balance of the nine-member city council, which will have at least two new members.
For more on the candidates, ballot measures and what’s at stake, read BRL’s 2026 voter guide.
Mayoral candidates take different approaches to campaign financing
Unlike most other candidates, La Grave opted out of the city’s public campaign financing program. Under Boulder’s program, the city matches eligible campaign donations up to $12,366, allowing participating candidates to receive up to that amount in public funding, with total campaign spending capped at $24,731. The program is designed to limit campaign spending and help candidates with fewer financial resources compete by matching eligible private donations with public funds.
In exchange, candidates must agree to that spending cap, accept donations only from individuals — not businesses or organizations — and limit their own contributions to about $5,000. La Grave qualified for the program by raising at least $2,473 in small donations but chose not to participate, making him the only one of the 19 candidates to turn down public funding after qualifying.
By opting out, La Grave is not subject to the program’s spending cap or its restrictions on who can contribute to campaigns. He has loaned his campaign $10,542 and accepted donations from two entities identified in campaign finance reports as Cereal Studio Visuals and False Midnight Limited.
Two other candidates for mayor, Mayor Aaron Brockett and Councilmember Taishya Adams, both accepted matching funds. Including city matching funds, Brockett has raised $24,731, and Adams has raised $21,706. Neither has contributed more than $100 to their own campaigns.
A similar pattern emerged in Boulder’s first mayoral election in 2023, when former Councilmember Bob Yates did not accept matching funds and spent about $37,000 on his campaign. His opponents, including Brockett, who won the race, accepted matching funds and the accompanying spending cap.
Yates, however, voluntarily followed some of the program’s restrictions, including its prohibition on corporate donations. Boulder limits campaign contributions to $100 per donor, including contributions from businesses to candidates who do not participate in the city’s public financing program.
Boulder candidates raise more than $174,000
In total, mayoral and council candidates have reported more than $174,000 in campaign funds so far this year, and the city has contributed an additional $124,000 in matching funds. Candidates have spent about half of the combined total.
In addition to Brockett, Councilmembers Tara Winer and Ryan Schuchard and former Councilmember Jill Grano have also received the maximum amount of public matching funds available under the city’s program. Councilmember Tina Marquis has come close, as has challenger Ryan Jamieson.
Among other council candidates, Sam Fuqua has raised $10,521 in private donations, while Benita Duran has raised $9,024.
Outside groups spend money on council races
Four groups have formed independent expenditure committees to influence Boulder’s election: Boulder Progressives, Open Boulder, the Colorado Jewish Action Alliance and one established by local entrepreneur and investor Dan Caruso.
Independent expenditure committees are not subject to candidate spending caps. They can spend money to support or oppose candidates or ballot measures, but they cannot coordinate their spending with the candidates they support. Open Boulder and Boulder Progressives also have “unofficial” candidate committees that can accept contributions.
Between its two committees, Open Boulder has spent $16,160 on mailers, advertising and event services. The city has not yet processed Boulder Progressives’ latest spending report. As of Oct. 7, its committees had spent $4,344, also on mailers and advertising.
Boulder Progressives generally backs more progressive candidates, while Open Boulder generally supports more moderate ones — although their endorsements overlap in several races.
Caruso, whose telecommunications company, Zayo Group, was acquired in a multibillion-dollar deal in 2020, has spent $7,228, about half of it on audio ads encouraging students and recent graduates to vote. He spent the remainder on flyers and a website, afford-boulder.com, promoting his preferred candidates.
The Colorado Jewish Action Alliance has spent about $300 on a text message campaign supporting its preferred candidates.
Boulder Progressives and the Colorado Jewish Action Alliance have endorsed Brockett for mayor, along with several city council candidates. Open Boulder did not reach a consensus on a mayoral endorsement and is instead focusing on its council endorsements. Caruso is supporting La Grave and five council candidates.
Campaigns organize around city ballot measures
Three committees have been formed to advocate for or against city ballot measures.
The largest of the three, Boulder Firefighters for a Stronger Boulder, has raised $29,851 to support a measure that would add firefighters’ collective bargaining rights to the city charter. Firefighters already have these rights under a contract, but the measure would enshrine them in the charter.
A second ballot committee, No on 2K, has raised $15,833 to oppose a ballot measure that would allow the city to borrow up to $400 million to pay for replacing and repairing aging city buildings through a new property tax. The tax would end once the debt is paid.
Under the measure, if the city borrows the full amount, the owner of a $1 million home would pay about $400 more in annual property taxes, while the owner of a $1 million commercial property would pay about $1,600 more a year.
Finally, a committee supporting Issue 2J, which would impose a $4,000 annual tax on vacant homes, has spent about $350 on its website.
County ballot measure campaigns raise hundreds of thousands
At the county level, two groups have raised substantially more money than the city ballot measure campaigns to support two proposals: one to expand the number of county commissioners from three to five, and the other to levy a new property tax to help pay for childcare.
Big Tent Boulder County, the group behind the proposed commission expansion, County Question 200, has raised $142,825 and spent $115,732. Most of that spending went to voter outreach and, earlier in the year, paid canvassers who joined volunteers in collecting more than 18,000 signatures to get the measure on the ballot.
The Thiry O’Leary Living Trust contributed $55,000 to the effort. Kent Thiry, the former CEO of DaVita, and his wife, Denise O’Leary, also founded the Thiry-O’Leary Foundation. Thiry has spent large sums on several election reform efforts, including all-candidate primaries and redistricting reform.
The Colorado Civic Alliance and Courageous Colorado Action, which have also advocated for election reforms, gave $25,000 and $10,000, respectively.
County treasurer candidate Rachel Friend and Caruso each contributed $25,000, while La Grave gave $10,000.
A No on 5 committee opposing the expansion has been formed, but has not yet reported any spending.
Brighter Start Boulder County, the group behind the childcare ballot measure, has raised $333,815 and spent $175,033.
The Longmont Community Foundation contributed $100,000, and the Children’s Funding Accelerator contributed $80,000. Other family advocacy and community organizations have also contributed.
The next round of city campaign finance reports is due Oct. 29, five days before Election Day on Tuesday, Nov. 3. Ballots must be received by 7 p.m. on Election Day. For more on the candidates, ballot measures and how to vote, see BRL’s 2026 Boulder Voter Guide.
