Public funding puts Malloy ahead of Foley in campaign cash

With donations lagging, Republican Tom Foley loaned his campaign for governor another $1.3 million last month, bringing his personal investment in the race to $5.3 million.

In a report made public today, Foley reported raising $355,586 in September, giving him outside contributions of just $1.2 million since becoming a candidate in December.

Foley, a wealthy businessman, said he will contribute enough of his own money to match or exceed the budget of his publicly financed Democratic opponent, Dan Malloy.

“We’ll spend what we think we need,” he said today.

Malloy was granted $2.5 million in public financing for the Democratic primary and $6 million for the general election. He reported spending $1.1 million in September and having $4.5 million left for the campaign’s final month.

Foley reported spending nearly $1.8 million in September, bringing his total spending to $6.3 million. He had less than $200,000 cash on hand.

He previously has indicated he hopes to recoup some of the loans through continued fundraising.

Foley raised more than $1 million as a U.S. Senate candidate last year, switching to the race for governor after Gov. M. Jodi Rell announced she would not seek re-election.

With his public-financing grants, Malloy has been better positioned financially than previous Democratic candidates for governor. He has been able to afford advertising on New York television, which is important in reaching voters in lower Fairfield County.