The former lieutenant governor and state legislator raised more than $300,000 during the first half of this year as he explores a possible run against Brown in 2014. But state records show most of that money has been spent. Maldonado has just under $45,000 in the bank, according to campaign finance reports.
That sum is slightly less than the roughly $48,000 the campaign owes, including $20,000 to consultants, about $14,000 to lawyers and close to $9,000 to American Express.
Brown reported more than $10 million in his reelection account
Maldonado does have some wealthy backers. Physicist Charles Munger Jr., who has donated millions to conservative causes over the last several election cycles, and Fremont Group Chairman Stephen Bechtel are among those who gave Maldonado $27,200 -- the maximum allowed by state law.
He spent more than $200,000 on campaign consultants, according to state records, with the rest spent on office expenses, fundraising and legal fees.
Brown has not formally declared his intention to run for an unprecedented fourth term as California governor.