BOXER’S CASH IS AHEAD OF FIORINA’S WEALTH

Carly Fiorina may be closing in on California Sen. Barbara Boxer in recent polls, but reports released Thursday show the three-term incumbent with a vast advantage in one very important area: money.

Campaign finance figures released by the campaigns showed Boxer with nearly 12 times the cash on hand as Fiorina -- $11.3 million to $952,786 -- after a six-week reporting period that ended June 30.

Boxer, a Democrat who did not have any significant primary opposition and got an infusion of cash from events with President Obama, also outpaced Fiorina in fundraising from other sources over the six-week period. She raised nearly $2.6 million.

Fiorina, a Republican, had total receipts for the six-week period of $3.3 million. Only $1.4 million of that came from others, while $1.9 million came from a personal loan to her campaign in the final weeks before the June election, part of $5.5 million she donated in the primary.

During the primary, many Republican voters saw Fiorina’s personal wealth -- which is estimated to be $27.7 million to $121 million, according to Senate financial disclosure forms -- as one of her greatest assets in a race against Boxer. But the former Hewlett-Packard Co. chief executive said last year that she did not plan to self-finance her campaign. And she has not lent additional money to her campaign since the primary.

Fiorina’s spokeswoman, Andrea Saul, said Thursday that she “has not indicated yet whether she’s going to put any more money into the campaign.”

With or without further loans, Fiorina’s wealth may be proving to be a handicap in fundraising. Other wealthy candidates have found that potential donors are loath to contribute to people who are perceived to be capable of funding their own efforts. And while former EBay Chief Executive Meg Whitman, a billionaire, has been able to pour more than $90 million into her gubernatorial bid, it is not yet clear whether Fiorina has that same financial prowess.

Several political analysts said that even at this early stage of the general election campaign, Fiorina’s fundraising figures hint at steep challenges ahead for her campaign. If she does not finance her campaign with her own money, she would be reliant on donations from individuals -- which appeared to be lagging -- or from party-affiliated groups or other outside organizations that funnel money to specific campaigns.

With so many competitive races around the country, including hot Senate contests in Florida and Kentucky, competition for those donations will be heightened. The groups will use the summer months to weigh Fiorina’s competitive edge against that of other candidates as they draw up their plans for the fall contests.

“Both national committees are extremely reluctant to spend money -- television dollars in California -- because they know it’s a bottomless pit,” said Democratic consultant Bill Carrick. “She’s got to show strength.”

Republican consultant Ray McNally agreed that a danger to Fiorina is the lure, to donors, of being able to have a greater return on investment by giving to candidates in other states.

“There are lot of targets around the country where you can invest a lot less money and have a huge impact,” said McNally, who worked for Fiorina’s primary opponent Tom Campbell. “You can roll into some Midwestern state and spend 10 times less and have 10 times more impact.

“It’s not helpful when you are trying to raise money when your opponent has [almost 12] times more money than you do, especially back on the East Coast,” he added. “They’ll look at these figures and they’ll say ‘OK, well, let’s go somewhere else.’ ”

But Fiorina’s campaign noted that Boxer has been able to conserve her funds for much of the year, whereas the Republican nominee had a difficult primary and is making her first bid for elective office.

“We went through a long and tough primary, and Boxer did not,” Saul said. “We’ve obviously been raising money for less time and had to actually spend money. Meanwhile, she’s been stockpiling funds for six years and she’s built up a donor base over her lifetime in politics.”

National Republican Senatorial Committee spokeswoman Amber Marchand said the group could not discuss its strategy for the fall contests. But, she added, “We’re confident that Carly is going have all the resources that she needs to make this a very competitive race in November.”

In recent weeks, Boxer’s campaign has played up both Fiorina’s wealth and the closeness of the race in making its campaign solicitations. Last week’s Field Poll showed Boxer leading Fiorina 47% to 44%. The survey also showed that more than half of voters (52%) said they viewed Boxer unfavorably, and her job approval rating declined to nearly the lowest level she has received in her three terms in the Senate. By comparison, 34% of voters said they viewed Fiorina favorably, while 29% expressed an unfavorable view.

Those numbers prompted Boxer’s campaign manager, Rose Kapolczynski, to send a message to supporters last week calling the race a “dead heat” and acknowledging that the attacks on Boxer’s record were taking a toll.

“If anyone was taking our victory for granted -- well, this news should be a wake-up call. We don’t have a vote or a moment to spare,” Kapolczynski wrote, adding that Fiorina is “sitting on millions of dollars” from her time at Hewlett-Packard.

Both Carrick and Kevin Spillane, a Republican consultant, said the urgency of that message from Boxer’s campaign in recent months has been helpful in bringing contributors to Boxer’s aid. Despite the difficult fundraising climate, Carrick said, the Boxer campaign’s fundraising appeals have been “relentless.”

Spillane added that “it’s always very motivational to donors when the candidate is in a real race and Boxer is in a real race.”

“This is not an incumbent who is coasting on a big lead with donors wondering whether their money is truly needed,” he said.

“Boxer is in the toughest race of her career. She’s going to need every dime and that’s a compelling message to liberal and partisan donors.”

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maeve.reston@latimes.com