The Victorian Liberals say they won't run their 2018 election campaign on an IOU despite one analysis suggesting they could soon run out of cash.
The party has been in financial strife since jailed former state director Damien Mantach stole more than $1.5 million and the fundraising Cormack Foundation - a regular donor - withheld the same amount in a stoush with state president Michael Kroger.
Opposition Leader Matthew Guy laughed off questions about whether the party can afford to campaign.
"I'm sure we will, we've got some new banners, we've got some new adverts and billboards up around the city, we're not paying for them with an IOU, we're paying for them," he told reporters on Monday.
An analysis presented to the party's administrative committee suggested the party could be $3.8 million in debt by July 2018 if its fortunes do not turn around, News Corp reported.
It is understood the Cormack Foundation normally hands over more than $1.7 million to the Victorian Liberals each year but it has only given $250,000 this year.
However party leadership have downplayed the analysis, which included the 2014/15 financial year's election spending.
"We're confident we will run a very professional and well resourced campaign in 2018," state director Simon Frost told AAP.