Wilson’s Campaign Money Machine Lags : Finances: Since January, the governor has raised more than rivals Garamendi and Kathleen Brown. But he has spent most of it on debts incurred last year.

Gov. Pete Wilson raised more campaign money than either of his two Democratic rivals in the first six months of this year, but also spent more, leaving him with the smallest treasury, campaign finance reports filed Monday show.

Wilson raised $3.27 million from January through June. But the Republican governor spent $2.56 million during that period, leaving him with $415,000. Most of Wilson’s spending was to pay off debts incurred for political efforts last year.

With the 1994 primary 10 months away, Democratic Treasurer Kathleen Brown, an unannounced gubernatorial candidate, is sitting on a campaign fund of $3.52 million, nearly nine times the size of Wilson’s.

In the first half of the year, Brown raised $2.2 million and spent $775,000. Ann Hollister, Brown’s finance director, said the proceeds of the fund-raising effort “represents an incredible show of support” for what Brown calls her exploratory campaign.

Insurance Commissioner John Garamendi, Brown’s chief rival for the Democratic nomination, raised the smallest amount--$895,000. He ended the first half of the year with a campaign fund of $580,000, including nearly half--$270,000--in loans he recently secured.

Fund-raising figures for a committee formed to explore a possible gubernatorial run by Assembly Speaker Willie Brown were not available late Monday. Campaign finance reports, which must be filed with the secretary of state, were supposed to be postmarked Monday.

Full, detailed reports identifying political contributors will not be available until later in the week.

“Obviously, this is at a very early stage,” said Duane Garrett, a San Francisco lawyer and senior adviser to Garamendi. “We’ve always known that Kathleen had a large financial advantage. That is probably the best thing she has going for her in the race.”

Garrett estimates that a Garamendi primary campaign would cost $5 million to $6 million. Brown’s aides place the price tag of her primary campaign at $6 million to $8 million, with the entire campaign costing $25 million.

If that occurs, the cost of next year’s race for governor would eclipse the 1990 gubernatorial campaign, in which Wilson defeated Dianne Feinstein. Feinstein, who since has been elected to the U.S. Senate, spent $21 million in her losing effort. Wilson spent $24 million.

“He (Wilson) has always been an impressive money machine,” Garrett said. “He’ll have all the money he can need, plus plenty extra to waste.”

At this point four years ago, Wilson had raised $4.5 million and had $3.2 million on hand. Wilson and his Democratic challengers have been holding regular fund-raisers in anticipation of next year’s campaign.

Wilson’s campaign committee issued a statement proclaiming that the contributions in the first six months show the governor’s depth of support, although early public opinion polls show he trails badly in potential races against Brown or Garamendi.

Wilson spent much of the $3.27 million he raised in the first half of the year to pay off past debts. Wilson aides said $640,000 was a final installment in legal fees incurred by Wilson in the 1990 reapportionment fight. Another $400,000 included wrap-up costs for the losing Proposition 167, the 1992 ballot measure to cut welfare and increase the governor’s power. And $1 million was spread among various costs in several legislative races in which the governor had pledged money.