ANNAPOLIS, NOV. 27 -- Maryland Gov. William Donald Schaefer closed the books on his reelection campaign today, reporting more than $2.5 million raised in his name, and with almost as much money left over as his Republican challenger spent on the entire race.

In final campaign finance reports filed today, Schaefer reported raising $123,000 in the closing days of his contest against Republican nominee William S. Shepard -- a sum that enabled him to end the campaign with a cash balance of $106,000.

Meanwhile, in Montgomery County, campaign reports revealed a $67,000 debt by the citizens committee behind County Executive Sidney Kramer's unsuccessful write-in bid for reelection.

Most of the debt by Citizens to Write In Sid Kramer, $66,550, is owed to a graphic design firm owned by one of Kramer's children, Mim Dubin. The firm produced advertising and paid for printing and postage, according to the report.

Kramer, who launched a write-in effort after he was defeated in the Democratic primary by County Council member Neal Potter, said he does not know what will be done to retire the debt. Maryland election law prohibits the debt from being forgiven, although Kramer could personally assume the debt. The committee can continue to try to raise funds to pay off the debt. Kramer referred all questions to committee Chairman Fran Abrams, who could not be reached for comment.

Campaign finance reports for Potter and Albert Ceccone, the Republican candidate for county executive in the November election, were not received by election officials yesterday.

Schaefer's contributions, including $5,000 from a real estate agents' political action committee and thousands of dollars in individual contributions from allies in the business community, brought the total budget in his successful reelection bid to $2,417,000. An additional $100,000 was raised by a separate Citizens for Schaefer Committee, with much of it spent on billboards. Political action committees provided $225,000 of the governor's cash.

Schaefer reported spending $2,311,000 on the campaign, including $650,000 for advertising and $577,000 on salaries for his campaign staff.

Another $213,000 was given by the governor to other candidates and political slates around the state.

Shepard, meanwhile, reported raising just more than $130,000 for his effort. Although successful in tapping anti-Schaefer and anti-incumbent sentiment around the state -- Shepard won 12 of Maryland's 23 counties and captured more than 40 percent of the vote -- his fund-raising efforts did not catch on. Shepard's campaign ended the race more than $18,000 in debt, including $9,200 owed to a consulting firm that sued the candidate during the campaign to collect the money.

Staff writer Richard Tapscott contributed to this report.