LOS ANGELES -- Gov. Arnold Schwarzenegger's campaign on Wednesday sought to assure supporters that he is "well positioned" to win a difficult reelection race, as he moves to restock his drained political bank account.

A memo written by Schwarzenegger strategist Matthew Dowd and sent to supporters presented a favorable if cautious view of the Republican governor's political standing as he seeks to recapture the populist luster he lost last year.

The one-page memo was sent Tuesday and appeared intended to convince prospective contributors that Schwarzenegger remains competitive in left-leaning California, even after voters in November rejected his slate of ballot proposals to undercut Democratic power in Sacramento and curb state spending. The election depleted his campaign finances while alienating the Democrats and independents he needs to win in November.

"While we have much work ahead of us, and still await an opponent, the governor is well-positioned in this very close race," Dowd wrote in the memo, which was released by the campaign.

Communications director Katie Levinson said Schwarzenegger campaign officials would have no further comment.

While holding his Republican base, Schwarzenegger "is today within striking distance of where he needs to be among independents ... and Democrats," the memo added.

Noting past voting patterns, Dowd said "a 'huge' victory would be 52 (percent) or 53 percent, and the race will likely be closer."

"This campaign will be ... a choice between the vision Arnold has for California in the next four years contrasted with where the Democratic nominee wants to take the state," Dowd wrote.

Recent polls have suggested the governor is reclaiming at least a little lost ground.

The two challengers running for the Democratic gubernatorial nomination already have millions of dollars in their campaign accounts, although much of that could be spent before the June 6 primary election.

Garry South, the chief strategist for state Controller Steve Westly, called the Schwarzenegger campaign memo unrealistic.

Schwarzenegger, he said, "is an unpopular Republican governor in a heavily Democratic state."

He said his reelection campaign needs to show donors "how he can pull this off."