The latest federal campaign finance reports are in, and State Sen Kesha Ram Hinsdale took the headline by winning the first-quarter fundraising race among the Democratic candidates for Congress with $444,213. Senate President Pro Tem Becca Balint was next with $368,382. Lt. Gov. Molly Gray, rather surprisingly, was third with $292,208 in first-quarter takings. (Sianay Chase Clifford isn’t competitive in the money race with a little more than $7,000 in donations. She’ll have to hope for a people-powered David v. Goliath effort.)

But those topline numbers don’t tell the whole story. In fact, they’re downright misleading for a number of reasons. Ram Hinsdale took in the most during the first quarter — but if you look at fundraising for the entire campaign, Gray is first. If you look at cash on hand, Balint is first and Ram Hinsdale is a distant third. And that’s really the most important metric, isn’t it?

(Standard disclaimer: Fundraising is only one measure of a campaign’s strength. As long as you’re competitive, it doesn’t matter how much you’ve got. It’s how well you spend it and how strong your grassroots game is. But money is the only campaign metric that’s easily measurable, so we dutifully measure it.)

Another thing. Ram Hinsdale has 56 individual donors who’ve given the maximum $2,900 for the primary campaign. That’s $162,500 of her total, and none of those people can give to Ram Hinsdale again until the general election campaign. Balint, by comparison, has only 23 max donors, worth $66,700 of her total. She has a lot more room to go back to donors and ask for more money. (Gray has 27.)

On the other side of the ledger, Ram Hinsdale has been spending money at a brisk pace, including a boatload on out-of-state consultancies, strategists, and media production outfits. In fact, if you look at her fundraising and spending without knowing whose it is, you’d think you were looking at a big-money corporate Democrat’s campaign, not a self-described champion of working folk.

So let’s look at cash on hand which, to me, is the most important metric going forward. Balint has $432,597. Gray has $404,369. Ram Hinsdale? $218,691. She’s got much less room to fundraise, and she’s got half as much money in the bank. Does that sound like the “winner”?

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