William Weld was relaxed, smiling, and in control: He spoke to a cheerful Republican club last night in Brooklyn Heights about his twin policy obsessions – taxes and spending – and left a restaurant-full of members clapping and nodding in agreement.

Of course, it was too little, too late.

Mr. Weld dropped out of the governor’s race last week after finding that his well of Republican establishment support had almost dried up. Addressing a neighborhood gathering of party faithful – his first public appearance since his sudden exit from the race – Mr. Weld spoke briefly and sharply. “There’s no one wiser and braver than a politician who’s currently not running for office,” he said, before offering advice to the remaining gubernatorial candidates: John Faso, a Republican, and Democrats Eliot Spitzer and Thomas Suozzi.

The “dirty little secret” in Albany, he said, is that “we don’t have a budget.” He accused lawmakers of spending well beyond the state’s means and called on the three candidates to pledge to cut spending and the state workforce by 10%. Although he often spoke of the need for fiscal restraint, Mr. Weld never made such promises as a candidate.

On the issue of property taxes, Mr. Weld said the state should put a limit on increases that local school districts can impose on homeowners. Without mentioning names, he largely dismissed the solutions offered by his erstwhile opponents, who favor enlarging Governor Pataki’s School Tax Relief program, which uses state funds to offset the tax burden on homeowners. Mr. Weld called the program a tax shift that avoids the root problems of bloated Medicaid and education spending.

Mr. Weld dropped out of the race after a poor showing at the Republican state convention in Long Island, at which an overwhelming majority of delegates sided with Mr. Faso.

Mr. Weld said he would help Mr. Faso, a former Assembly minority leader, raise money, and he has started a political action committee called Stronger New York that he said will direct his leftover campaign dollars to support his favorite issues and “like-minded candidates.” Mr. Weld wouldn’t say how much he had, but said it was in the “seven figures.” In January, he had raised $2 million.

Last summer, when Mr. Weld entered the race, party leaders hailed him as the best bet to challenge Mr. Spitzer, the attorney general. He’s a Harvard-educated former federal prosecutor who had a successful run as governor of Massachusetts in the 1990s and was expected to bring Mr. Spitzer down to earth.

Some said Mr. Weld, who traces his lineage back several centuries and owns several homes, brought a regal air to the campaign trail. Others said he seemed distant and didn’t muster the enthusiasm and energy necessary to win over grassroots Republicans.

The conservative wing was uncomfortable with his moderate brand of politics, which helped him win over Democrats in Massachusetts. And a federal fraud investigation into a defunct Kentucky trade school that he briefly ran also cast a shadow over his campaign.