Washington (CNN) - The Republican Governors Association reported Tuesday that it raised $12.2 million over the past three months. That's $5 million more than the RGA raised during the first quarter of 2008, the last comparable fundraising period.
The RGA's fundraising haul was larger than what they brought in during the first quarter of 2010, when 37 governorships were up for grabs. Twelve contests for governor are taking place this year.
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The RGA reported having $34 million cash on hand, which they said is the most money they have ever had in the bank at the end of a first quarter.
"Thanks to the hard work of every Republican governor, the RGA is in financial position to expand our majority and have a significant impact on the 2012 elections," said RGA Chairman Bob McDonnell, in a statement. "Many of our races will occur in critical Presidential and Senate battlegrounds, and the RGA has strong gubernatorial candidates in all of our targeted states."
Last Friday the Democratic Governors Association reported raising $8 million in the first three months of 2012, which was $2 million more than they brought in during the first quarter of 2008.
- CNN Political Editor Paul Steinhauser contributed to this report.