Despite reports to the contrary, Ridgefield First Selectman Rudy Marconi is not dropping out of the race for governor.

At a press conference prior to the Jefferson Jackson Bailey dinner, the Democrats largest fundraiser of the year, Marconi said he was instead forming a candidate committee and continuing his campaign.

“The financial report for this quarter is out, and my campaign’s bank account, quite frankly, is about as flush as the state treasury,” Marconi said standing in front of the Connecticut Convention Center in Hartford. “I am down, financially speaking, but I am not out.”

Marconi, who raised a total of about $66,000 and spent about $62,000, said he’s still in it fighting for the Democratic nomination against the five other Democratic contenders.