Rudy Giuliani attempted to dampen speculation about his finances Friday following reports that senior staffers have agreed to work without pay and his national finance co-chairman has resigned, saying at a stop in Florida he's not short on funds -- he's just "fiscally conservative."

The former New York City mayor's campaign released a statement Friday morning reporting it has more than $12.7  million on hand, as of Dec. 31, with more than $7 million for the primaries. The statement was swiftly circulated after news broke that about a dozen senior campaign staffers granted requests to forego this month's paychecks.

Aides tell FOX News finance co-chairman Roy Bailey also resigned his post in late December. A senior aide said Bailey left to concentrate on "private business needs" and that it had nothing to do with Giuliani's finances.

"We have got a good deal of money in the bank ... we are probably one of the most fiscally conservative of the campaigns -- certainly on the Republican side," Giuliani said in Coral Springs, Fla., assuring supporters he has not overspent.

Aides tell FOX News that no Giuliani staffers will be forced to work for free. Sources say the campaign has also contacted vendors to see what ways it can save money by cutting costs.

"Some people volunteered to do it," Giuliani said Friday. "We didn't ask anyone to do it. Some people volunteered to do it because they wanted to stretch out the money. We have quite a bit of money. They wanted to make sure that we had even more money for the end of this situation in Florida."

The sign of possible money trouble comes as the former frontrunner slips further behind Arizona Sen. John McCain and former Arkansas Gov. Mike Huckabee in national polls. With a fourth-place finish in Tuesday's New Hampshire primary and a near last-place finish in the Jan. 3 Iowa caucuses, he's now banking his campaign on his performance in Florida, where he's spending almost all his time, and the Feb. 5 primary states. Florida holds its primary Jan. 29.

Giuliani said Friday he's aiming to have "some" money for Feb. 5, but that "Florida is real important to us so we are going to put, if not everything into Florida, almost everything."

Giuliani Campaign Manager Michael DuHaime, one of those who now is working for free, said, "We have enough money, but we could always use more money ... We want to make sure we have enough to win."

He disputed the notion of a cash-strapped campaign, and said Giuliani continues to bring in cash; several fundraisers are scheduled this week in Florida.

"I want to do everything I can to make sure Rudy's president, and I speak for a lot of the campaign when I say that," DuHaime said. "None of us joined this campaign for money."

DuHaime also said in the statement Friday morning: "From day one our campaign has been focused on a national strategy built around the new primary calendar. As such, we've budgeted conservatively and effectively targeted our resources to win under this new system. We will have the funds necessary to carry out our campaign plan and deliver the Mayor's message in Florida and beyond."

Still, the move raises questions about whether Giuliani's bank account is as flush as he needs it to be to cobble together wins in enough states to secure the party nod.

His Florida-centric strategy is costly because Florida and states that follow are home to some of the most expensive media markets in the country. With so many states voting in such a narrow time period, candidates can do little else but rely on paid media to get their message out.

Republican strategists estimate that it will cost roughly $35 million to run heavy levels of ads in the two dozen states that hold contests on Feb. 5.

All Republican candidates have struggled to raise money for the 2008 presidential race, an indication that GOP donors aren't as energized as Democrats.

Giuliani, for his part, poured several million dollars into advertising in Iowa and New Hampshire, only to come in far behind his opponents. He has been spending millions of dollars over the past month to run TV ads in Florida. 

But the campaign has pulled all of its paid staff out of South Carolina, which votes Jan. 19 -- a decision that came in the wake of a similar decision to pull paid staffers out of Michigan, which votes Jan. 15.

The decisions only further amplify the importance of Florida to Giuliani.  

FOX News' Carl Cameron and Mosheh Oinounou and The Associated Press contributed to this report.