Reserves are one of the most important tools available to municipalities for achieving financial sustainability and flexibility.  Reserves not only assist municipalities in managing risks, but they also play a role in the financing of capital costs and the provision of affordable and stable services to constituents.  MFOA has undertaken a review of reserves and reserve funds held by Ontario municipalities and their intended use and purpose. To download the report, please sign in below. If you do not have a MFOA account and would like to purchase this paper, you can do so here.