[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2009/images/04/13/art.bobmcdonnell.com.jpg caption="Republican gubernatorial candidate Bob McDonnell has more money in the bank than his Democratic contender Creigh Deeds."](CNN) - In the closely contested battle for Virginia governor, campaign cash could be a crucial factor - and as of right now, the Republican gubernatorial candidate has more money in the bank than his Democratic rival.
Republican Bob McDonnell's campaign announced Tuesday that they have nearly $5 million cash on hand, and that they raked in over $1.8 million in the period ending June 30.
On Monday, Democratic candidate Creigh Deeds announced that his campaign has $2.7 million in the bank, with $3.4 million raised during the same period.
Deeds, a Virginia state senator, came from behind to top Terry McAuliffe and Brian Moran in the June 9 Democratic primary. McDonnell, the former Virginia state attorney general, did not face a primary opponent. Gov. Tim Kaine, a Democrat, is term-limited and can't run for re-election this year.
The McDonnell campaign says that they received contributions from 3,452 donors. That's nearly 1,000 more than the approximately 2,500 donors announced by the Deeds campaign.
"Our campaign enters the final four months of the race in a strong financial position to carry our positive message of new jobs and more opportunities to every region of the state," says McDonnell for Governor Campaign Manager Phil Cox.
On Thursday, Vice President Joe Biden headlines a fundraiser for Deeds in Richmond, Virginia.