Johnson has just $813,125 in campaign cash months before mayoral race; Giannoulias has $18.3 million

Mayor Brandon Johnson has just $813,125 in campaign cash on hand — compared to $18.3 million for Illinois Secretary of State Alexi Giannoulias — just a few months before deciding whether or not to seek a second term.

The latest fundraising reports filed with the Illinois State Board of Elections show the rookie mayor raised $176,036 and spent $192,675 in the first quarter of 2026, with a so-called “burn rate” that will be difficult to sustain.

During the same three-month period ending March 31, Giannoulias, who is a potential candidate for mayor, has been a fundraising juggernaut.

He raised $12 million, including $2 million from the Operating Engineers Local 150; $1 million apiece from unions representing carpenter and electricians; and $500,000 apiece from billionaire businessman Michael Sacks, Willy Family LLC and the Matthew R. Pritzker Revocable Trust. Giannoulias is running unopposed for reelection as Illinois secretary of state.

Johnson’s anemic fundraising places him third among better-known potential mayoral challengers and barely ahead of a few lesser-known candidates.

Among potential mayoral candidates, Giannoulias is the overwhelming front-runner in the money sweepstakes, followed by retiring state Comptroller Susana Mendoza ($1.6 million); businessman Joe Holberg ($735,374); 34th Ward Ald. Bill Conway ($705,451); lobbyist John Kelly Jr. ($670,594); U.S. Rep. Mike Quigley ($302,637); Cook County Treasurer Maria Pappas ($278,349) and businessman Liam Stanton $121,166.

Mayoral candidates will start circulating their nominating petitions July 28 and must file by Oct. 26.

Johnson’s failure to shift his fundraising into high gear and his repeated refusal to definitively declare his desire to seek re-election have longtime political operatives like Victor Reyes questioning the mayor’s political intentions.

“There’s been rumors that the [Chicago Teachers Union] might change out candidates. It’s only speculation, but it’s not crazy speculation because it’s not just that he doesn’t have a lot of money. He doesn’t have a great track record. It’s not a great position to be in,” said Reyes, who ran the Hispanic Democratic Organization at the center of the city hiring scandal under former Mayor Richard M. Daley.

“The path for Johnson as the only Black candidate right now is still there. There’s still a path for him to consolidate the Black community and make the runoff," Reyes added. "But what good is it to get into the runoff and get smashed by Giannoulias or some other candidate?”

Chicago Teachers Union President Stacy Davis Gates could not be reached for comment.

Johnson’s political director, Christian Perry, said the mayor will “have the resources” that he needs “to be very competitive if and when” he decides to seek a second term.

“We just saw a Senate race with money not being God. Ask Raja Krishnamoorthi. There’s not a magic number that makes you more destined [to win] or more viable. Ask the people who spent more money than Daniel Biss. Ask the people who spent more money than La Shawn Ford,” Perry said.

A former paid organizer for the Chicago Teachers Union, Johnson rose from single-digit obscurity to the mayor’s office by raising $12 million. The CTU contributed $2.3 million to Johnson’s campaign. State and national teachers unions gave another $3.3 million, and SEIU and its affiliates together donated over $4.5 million to Johnson’s 2023 campaign.

But a rift between SEIU and CTU that opened during negotiations on a new teachers contract soured Johnson’s relationship with SEIU.

SEIU was not represented at the recent fundraising event held to celebrate Johnson’s 50th birthday.

Even so, Perry said he has “great faith that working-class unions will support the most progressive working-class candidate in the race if and when he runs for reelection.”

“We raised $12 million the last time. I anticipate that number is around the number we will need to be competitive. ... And I’m very confident that the working-class voters of this city — voters who are very encouraged by the progress that they’ve seen in one of the safest years that Chicago has experienced in 60 years” will give the mayor what he needs.

Perry said he is equally encouraged by Johnson's improving public approval ratings in polls he has seen from other candidates and interest groups.

"We have seen as high as 35 [percent] overall, and we have seen north of 50 to 55% with Black voters," he said.

That would likely be enough to get Johnson into a runoff, but may not be enough for him to win a one-on-one race. But Perry said, "One election at a time. There's a long time between now and then."