The Republican Party of Minnesota reported just $153.43 in cash on hand, according to a first quarter report filed with the state campaign finance board. 

The party's true financial picture is much better than appears from the state report, said GOP Chairman Keith Downey. He said the party has about $20,000 when the party's federal report is taken into account.

Similiarly, although the state report shows the party raising just $70,000 in cash -- $50,000 from Wisconsin media mogul Stanley Hubbard -- the fundraising haul for the first quarter was actually $409,000 across the two accounts, Downey said.

The GOP spent $327,000 and carries a near equal amount of debt. 

"We're pleased," Downey said. "Compared to prior years, we’re doing quite a bit better, especially from a balance sheet standpoint," he said. 

Last year, the party paid off $450,000 in debt and has halved its $2.2 million in debt since the 2012 election, Downey said.

The party had to spend significantly during the first quarter paying off unpaid bills to vendors like the Duluth Entertainment Convention Center and Briggs and Morgan, its law firm. 

By contrast, the state DFL raised $928,000 on its state report and showed $487,000 cash on hand. 

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