Flex :: Function Be Garbage Collected Before Evaluating?

I have that function in the class:

private function fireItemCreated(data: ByteArray): void {
setTimeout(function(): void {
var event: ItemCreatedEvent = new ItemCreatedEvent(data);
dispatchEvent(event);
}, 1000);
}

This function called to dispatch item created event when image thumbnail created.But it delays event on some time to prevent user interface freezes. And I'm guessing what could be happen if garbage collector executes after fireItemCreated function call but before timer event. Does the closure will be removed or it stays until it will be executed?