JACKSONVILLE, Fla. -

In the end, Jim Overton said the money wasn’t there.

The longtime property appraiser and former City Council member Monday said he has changed his mind about running for mayor in 2015, weeks after saying he would be a candidate, Channel 4 news partner the Financial News and Daily Record reports.

In the time since early March, Overton said his due diligence showed he would have financial support, but not the “adequate donor support for a winning campaign.”

“I made a lot of phone calls, talked to a lot of folks … it’s just not happening for me,” he said Monday.

He said he had support and could have raised enough for a “credible” campaign, but not the enough “deep financial resources” to unseat an incumbent.

Meanwhile, City Council member Bill Bishop has filed his paperwork to run for mayor. He announced his campaign plans late last month.

In addition to Bishop and Mayor Alvin Brown, there are two other candidates who have filed paperwork for the mayor's race: Republican Omega Allen and independent candidate Tiffany Wingo.

The first election for mayor will be held in March.

To read the full Financial News and Daily Record story, click here.