(CNN) - The Republican Governors Association raised $9 million in the first quarter of 2010 and has $31 million cash on hand, an RGA official told CNN Thursday morning. The RGA's fundraising totals are expected to be officially released later in the day.
The RGA's counterpart, the Democratic Governors Association, says they raised a record $8 million in the first three months of the year. The DGA also reported Wednesday that they have $22 million in the bank.
"Our donors are giving because this election cycle will shape our political landscape for a generation to come. Even in a tough fundraising climate, our donors know this is an historic election, and they've stepped up to make sure we have the resources to compete," said Delaware Gov. Jack Markell, who is chairman of the DGA.
Thirty-seven states hold elections for governor this November. The Democrats are defending 19 seats and the GOP is defending 18.
UPDATE: "The smart money is with the RGA this year," says RGA executive director Nick Ayers, in the organization's just released e-mail on fundraising.
Back in February, following a major fundraising dinner in the nation's capitol, the RGA reported raising $13.5 million in the first seven weeks of 2010, a number much higher than the first quarter total reported Thursday morning.
"Like any fundraising event the gala event included firm pledges, so Democrats should know there is a lot more money on the way," RGA spokesman Mike Schrimpf tells CNN.
– CNN's Mark Preston and Paul Steinhauser