At first glance, the race for Texas comptroller of public accounts doesn’t look like the kind of contest that should be breaking fundraising records. It lacks the headline drama of a governor’s race or a U.S. Senate showdown. Yet as the Republican primary unfolds, it has become one of the most expensive down-ballot races Texas has seen in years — and for very practical reasons.
As of early September, the three Republican candidates had raised nearly $10 million combined, even though two of them were barred from fundraising for half the year due to the Legislature’s session. That figure dwarfs what candidates raised the last time the office was open in 2014, when former Comptroller Glenn Hegar and his primary opponents had raised a combined $674,000 at roughly the same point in the cycle.
The difference is not just inflation or ambition. It reflects the enormous power concentrated in the comptroller’s office — power that directly affects businesses, state spending, and the broader Texas economy.
The Office That Touches Almost Everything
The Texas comptroller is not merely a bookkeeper. The office collects dozens of state taxes, oversees statewide purchasing contracts, manages corporate tax incentive programs, and administers roughly $50 billion in state assets. On top of that, the comptroller plays a central role in shaping the state budget by issuing revenue estimates that lawmakers rely on every two years.
Experts say this authority naturally draws intense interest from donors whose livelihoods depend on state tax policy and spending decisions.
“That obviously is going to lead you to a situation where there are going to be people who are gonna have a financial interest in that office,” said Brendan Glavin of OpenSecrets, a Washington-based government transparency group. He added that this dynamic is why comptrollers in many states are appointed rather than elected, noting, “There’s a lot of potential for bad actors to get involved.”
In Texas, those stakes are amplified by the size of the state’s economy. With a $338 billion budget and more than $2.7 trillion in goods produced annually, Texas ranks as the world’s eighth-largest economy if it were a country — a fact Republican leaders regularly emphasize. Control over the financial machinery of that economy is no small thing.
Big Donors With Direct Interests
One of the most striking examples of donor involvement comes from G. Brint Ryan, CEO of Dallas-based Ryan LLC, a tax consulting firm that helps large corporations secure tax breaks through state programs overseen by the comptroller.
Ryan and 71 of his employees accounted for roughly one-third of the $3.2 million raised by Railroad Commission Chair Christi Craddick. About $1 million of those donations arrived within an eight-day window at the end of June, immediately after the fundraising moratorium for elected officials ended.
Ryan’s history with the comptroller’s office goes back more than a decade. He and his employees were major donors to Glenn Hegar, and in 2014, Ryan LLC employees represented more than 230 businesses with active cases before the comptroller’s staff, according to reporting at the time. The company also appears to remain involved in a newer version of Texas’ corporate tax incentive program.
Ryan did not respond to interview requests, but he has publicly endorsed Craddick. In a statement on her campaign website, he praised her experience and fiscal discipline, saying, “She abhors frivolous spending that takes state government away from its mission of serving the taxpayers of Texas.”
Craddick’s campaign declined to make her available for an interview.
The Self-Funder in the Lead
Former state Sen. Don Huffines currently leads the fundraising pack, reporting $4.7 million raised this year. The bulk of that came from a $3 million donation from his brother, along with $10 million Huffines loaned to his own campaign.
Huffines argues that his donor base — though smaller and less diverse than his opponents’ — supports his promise to root out waste in state government.
“My donors want good government in Texas,” he said. “The comptroller race, as I am explaining to them, is extremely important and underappreciated. It has eyes and ears on all of our spending.”
Still, some of Huffines’ contributors run companies that pay taxes or operate under comptroller oversight, including Ashford Hospitality and TREZ Capital. Even when a campaign is largely self-funded, the overlap between donors and regulated industries remains hard to avoid in a race like this.
The Incumbent With Executive Support
Interim Comptroller Kelly Hancock, appointed by Gov. Greg Abbott in June, has raised the least so far, with $1.7 million reported. His donor list includes executives from companies that interact closely with state government, such as the CEO of Hunter Industries, which works with the Texas Department of Transportation, and the CEO of Oncor Electric Delivery, a major utility that coordinates with state regulators.
Hancock has leaned heavily on his record in office and on Abbott’s endorsement. In a statement, he dismissed his opponents’ attacks and emphasized execution over rhetoric.
“Gov. Abbott and a growing coalition of business owners, farmers and ranchers, and grassroots donors stand with us for one reason: We don’t campaign on conservative slogans — we deliver conservative results,” Hancock said.
He pointed to his role in implementing a new private school voucher program and his decision to end a state initiative aimed at boosting women- and minority-owned businesses.
Why Money May Decide the Outcome
The importance of fundraising is magnified by Texas’ size and media landscape. The state contains two of the nation’s most expensive television markets — Dallas-Fort Worth and Houston — where advertising costs can drain campaign coffers quickly. Add in the cost of traveling across one of the largest states in the country, and a financial advantage becomes a major strategic asset.
When Hegar last ran for reelection in 2022, he spent $6.2 million — nearly 23 times what his general election opponent spent. That disparity underscores how money can shape not just messaging, but visibility and perceived viability.
The stakes have also grown with the Legislature’s decision to assign the comptroller’s office responsibility for rolling out Texas’ new private school voucher program, one of Abbott’s top priorities this year. That added authority only increases donor interest and political scrutiny.
A Race Worth Watching Closely
Half a dozen top donors to the candidates declined interview requests, and the next round of campaign finance filings isn’t due until mid-January. When those reports arrive, they will likely reveal even more about who is investing in this race — and why.
The lesson so far is simple. The Texas comptroller may not be the flashiest office on the ballot, but it is one of the most powerful. When an office controls taxes, incentives, contracts, and budget forecasts for an economy this large, money will follow.
Whether that money reflects civic engagement, self-interest, or something in between is a question voters will have to answer for themselves in March.
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