State treasurer candidate and former Tempe Mayor Hugh Hallman has released a radio ad blasting his competitors in the Republican primary race, zeroing in on the business ties of opponent Jeff DeWit.

In the race to become Arizona’s next state treasurer, one Republican candidate has already run his political committee into debt, while another is spending his money nearly as fast as it is arriving.

Scottsdale Mayor Jim Lane closed the door on a long-rumored candidacy for state treasurer, saying he made a commitment to the voters who re-elected him last year.