The balance sheet of the ACT division of the Liberal Party, presented at its annual general meeting last month, show that at June 30, 2009, the party had only $230 in the bank, compared with almost $95,000 at the same time last year.

Also, the division had used up $195,210 of what is understood to be an overdraft limit of about $300,000. But the party's overall liabilities were only $4000 more than last year, $242,381 up from $238,654, as the overdraft this year negated $193,127 in debts from 2007-08.

The party recorded an overall budget deficit of $108,256 in 2008-09, compared with a deficit of $27,060 the previous year. A slump in cash assets is not unusual after an election year, but some party members are concerned the Liberals will not be able to respond adequately if a federal election is called early next year, which would not bode well for ACT senator Gary Humphries.

One senior party source said the division's finances had never been in worse shape.

Although it is cash-poor, the division owns a commercial property in Deakin called Deakin House, which consists of five units.

In previous years, they have provided about $200,000 a year in rent.

But the party has been trying to find tenants for two of the units for several months.

For more details on the party's finances, see today's Canberra Times.