(CNN) - President Barack Obama's re-election campaign spent more money than it raised last month.
His team took in $49.2 million in July but spent $59 million, according to the campaign's monthly filing with the Federal Election Commission released Monday.
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The campaign reported finishing the month with $87.7 million in the bank, down from $97.7 million at the beginning of July.
Reports also show that when combining the Obama campaign's haul with that of the Obama Victory Fund and the Democratic National Committee, the Obama re-election effort had considerably less money in the bank–about $124 million–than Mitt Romney's campaign and allies by the end of July.
While Romney's filing for last month has yet to be published, the campaign announced earlier in August that its campaign–plus the Romney Victory Fund and Republican National Committee–had $185.9 million in the bank.
Team Obama spent significant amounts on ad buys last month, while Romney is unable to tap into large portions of his funds until he becomes the official nominee in late August–two reasons that could contribute to the spending gap.
The figures come as both candidate head in the final three months of the presidential race. Obama repeatedly says he expects to be out-spent by Republicans this election year.
Overall this cycle, however, Team Obama had outspent Team Romney–$153.6 million to Romney's $106.5 million–as of the end of June.
But RNC Chair Reince Priebus predicted earlier this month the tables would soon turn in the race, saying Americans can expect to see a lot more of Romney due to recent fund-raising hauls.
"We now are in a position to oustpend (President Barack Obama's re-election effort) on television and tell our story and tell the Mitt Romney story, starting with our convention and going through the fall," Reince Priebus said on CNN's "Starting Point."
– CNN's Ashley Killough contributed to this report.