According to article in SJ Merc - http://www.mercurynews.com/mld/mercurynews/sports/baseball/mlb/san_francisco_giants/15707536.htm - by Andy Baggarly, whom I enjoy reading, the Giants have $45M to spend since their budget is $85M and they have $40.3M in contracts committed currently.
This is about $10-15M more than most discussions about how much the Giants had to spend, so it opens the possibility of getting more high powered free agents than we could have speculated before, though spread over, say, 6 starting positions, that only adds $2M per position, not much of an upgrade on any one position, but a big upgrade if they lump it all under one position.
The interesting note was that while the $40.3M in committed payroll includes deferred signing bonuses due in 2007, including $1.28M to Kirk Rueter (which I don't think most people accounted for), it does not include deferred salary payments to Bonds which begin next year because, "according to the club, deferred salary comes out of a different budget."
Now what budget that could be, all I could guess are "Pot o' Gold", "Rainy Day Money" or "Pete Magowan's Pocket Change". From what I can recall, only Bonds and perhaps Moises Alou had deferred salary payments, I suppose that is the magic black box in the Giants financial statements where they can pull up the $6-7M they were planning on spending on Greg Maddux after the 2003 season. In that case, I would like to see a lot more deferred salary payments. :^)
There are other interesting factoids about Sabean's management in there, including functions done by certain execs under him, that are in the article (read soon as Merc only allows 7 days to read for free).
Let the spectating commence!