North Bay council to revisit reserve report after councillor raises questions

Jamie Lowery says he wants a broader discussion on how the city manages its reserve funds after a report showed North Bay held $116.5 million at the end of 2025

North Bay council will take another look at its reserve fund report after Councillor Jamie Lowery questioned how the city manages millions of dollars set aside for future needs. Council was scheduled to receive the city's annual reserve report Tuesday night, but councillors voted to send it back to committee following a motion from Lowery. The report shows the city held $116.5 million in reserve funds at the end of 2025.

After accounting for approved spending commitments, the projected balance falls to $60.6 million. Reserve funds are money set aside for future projects and unexpected costs. Deputy Mayor Maggie Horsfield said the report met the requirements set out in the city's policies and included additional details council had requested during budget discussions.

"Some other notes from the report are that staff have added additional columns in this year's report to capture the interest earned on the reserves and other details that council has requested," Horsfield said. Lowery, however, said he wanted all members of council to have an opportunity to discuss the report in open session and ask questions about how reserve funds are being managed. He said the discussion should happen publicly so residents can "understand what's going on."

Lowery also questioned whether some reserve funds could be generating more interest revenue. "I find it unconscionable that there's so much money sitting in reserves making zero interest," Lowery told BayToday after the meeting, adding that those questions should be discussed publicly rather than through conversations between individual councillors and staff. The city's use of reserves has been the subject of debate during recent budget discussions and in several letters submitted to BayToday.

The report shows the city's reserve funds increased by about $8.5 million between 2024 and 2025, rising from $108 million to $116.5 million. Of that total, about $89.1 million was held in reserves established by council for specific purposes, while $27.4 million was tied to legislative requirements or external funding agreements. The report also notes the city plans to review its Reserve Fund Policy this year and bring recommendations forward to the next term of council.

The reserve report is expected to return to committee for further discussion at a future meeting.