Billionaires in Boulder Politics 

A major Boulder financial powerhouse wants his voice heard in the next city council election, and some worry his influence could test the limits of Boulder’s campaign finance safeguards.

Multi-millionaire Dan Caruso, is venturing into politics with Engage Boulder, a political organization that shares election commentary and candidate analyses through newsletters and online posts. The group describes itself as “providing info to the busy Boulderite who deeply cares about our community and wants to engage in the upcoming Boulder City Council elections.”

In practice, its posts have taken clear positions against two sitting council members up for reelection this year: Lauren Folkerts and Nicole Speer.

In a September 8 post, Engage Boulder urged voters not to reelect Folkerts and Speer, calling them part of an “extreme left.” The post listed bullet points of supposed positions, quotes and paraphrases, without clarifying which candidate said what. Both council members told Yellow Scene that Caruso appeared to conflate them. 

“We do share a lot of values but we vote different on things all the time,” Folkerts said. “To me, it shows a lack of care, or interest, in truth.”

Despite being targeted, Speer and Folkerts did not express much concern over Caruso’s stance.

“Boulder voters are really smart,” Folkerts told Yellow Scene Magazine. “They are pretty discerning in terms of where they get their information, and thinking about if it makes sense to them. This may resonate with some voters, but I think a lot of Boulder residents are not going to feel like their concerns are represented by Dan Caruso.”

Speer echoed this idea, adding that it is the job of campaign candidates to show voters who they are and what they stand for. 

Caruso is not the first to form an independent political group in Boulder. Open Boulder, a civic organization with a more centrist reputation, has also sought to shape the city’s political direction outside formal campaigns, endorsing candidates such as Jenny Robins, Rob Kaplan, Matt Benjamin, and Mark Wallach. Unlike Engage Boulder, which operates as an independent expenditure committee, Open Boulder functions as an unaffiliated candidate committee that discloses all contributions and expenses under city rules. Together, these groups illustrate how civic organizations, regardless of structure, have become powerful players in local politics.

The independent groups can potentially leverage massive amounts of money to wield significant influence. Their posts, endorsements, and ad campaigns often reach more voters and receive less scrutiny than official campaign material. Unlike individual contributions, which are capped and must be disclosed, these organizations face fewer restrictions. They can raise and spend unlimited sums as long as they don’t coordinate directly with candidates. That combination of money and reach creates a space where undisclosed funding, often called dark money, can quietly shape local races.

Dark Money is not a new problem for Boulder. During Colorado’s 2024 primary elections, Boulder Weekly Editor Shay Castle estimated that more than $1 million was floating around local candidates from undisclosed groups.

Whether Caruso’s new platform changes the tone or direction of Boulder’s council races remains to be seen. For now, the city’s regulations appear strong enough to curb major financial interference. But as independent groups multiply and outside spending grows, voters face the ongoing challenge of sifting through curated narratives and undisclosed funding to make informed decisions at the ballot box.

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