There are several news reports out today taking a look at the final 2004 tallies of campaign fundraising. But what might be missed in the hypothetical 2006 race for governor is that the current chief executive is sitting in third place... when it comes to cash on hand.

It's true that Arnold Schwarzenegger proved his fundraising prowess in 2004, taking in a combined total of some $25 million dollars (various news agencies, by the way, seem to have calculated the numbers differently; our estimate is a simple sum total of 2004 contributions to 5 Schwarzenegger-controlled accounts).

But the governor began 2005 in a relatively cash-poor situation. He reported a total of $2,368,346.33 in the bank. And even that number is misleading, because some of those accounts are for "issue" campaigns (like his many ballot initiative efforts) and could not be used to run for re-election. Counting just the money that could be spent on a 2006 race, he had $685,724.62.

That's not exactly chump change, but it's dwarfed by the war chests that the two most talked-about Democratic challengers were sitting on as of January 1st.

State Treasurer Phil Angelides reported cash-on-hand in his 2006 committee totaling $12,366,161.63. Plus, he had a little more than $2 million, combined, in two other accounts (including the issues campaign he created to challenge Schwarzenegger's budget policies).

State Attorney General Bill Lockyer had a pile of cash that came in slightly smaller, at $10,914,709.29. He also had another $262,431.83 in a separate account.

Even state Controller Steve Westly (who most insiders believe would not run for governor in 2006 if Schwarzenegger decides to take the plunge) had more cash in the bank-- technically-- than did the chief executive as of January 1st, reporting $1,743,463.09. Again, it depends on whether you're counting all campaign accounts, or just those that could be used for a governor's race.

The numbers are another example of how much it costs to run for the marquee offices in California. And should Schwarzenegger decide to vie for a full term of his own in 2006, it's doubtful that he'll have trouble finding the money.