More than a year before the 2010 general election, on the day former Gov. Terry Branstad announces his candidacy for a fifth term, incumbent Democratic Gov. Chet Culver released a television ad touting his management of Iowa’s budget:

The ad, which is Iowa’s first of the 2010 general election campaign, seeks to define Culver’s record on fiscal policy before Branstad and the GOP have an opportunity to do it for him. It sends three signals: First, that Culver sees fiscal policy as his biggest vulnerability in the eyes of the public right now; second, that Culver is concerned about Branstad’s candidacy; and, third, that Culver is ready for the challenge, with money and a campaign operation already capable of putting television ads on the air.

Here’s the full text of the ad:

“No one likes to make tough decisions, but as Governor it’s my responsibility. Instead of passing the buck to the legislature, Or raising taxes, I chose to cut state spending and cut my own pay to balance the budget. I chose to rebuild our state after the floods, I chose to invest in new industries, to preserve and create new jobs. I chose tough medicine today, to build a stronger Iowa for tomorrow.”

Also notable: My prediction that Culver’s across-the-board budget cut would get turned into a TV ad came true, much earlier than I expected.