This paper describes methods for uncovering hidden revenues by careful examination of the budget sheet. The author begins with a discussion about how reserves accumulate without active management of reserve levels and continues with recommendations for appropriate reserves and reserve levels for a utility. Most utilities will need at least three different reserves: Operation and Maintenance Reserves; Renewal and Replacement Reserves; and Capital Project Reserves. Some others used by utilities include: debt service reserve fund; rate stabilization reserve; and SDC (or similar) reserve. Then, which capital expenditures is it appropriate to spend reserves on and which ones should not be funded with reserves are discussed. The author concludes with several recommendations for utility managers: establish necessary and appropriate reserves; be aware of and manage the levels of each reserve fund; don't allow these levels to get excessive; maximize interest income; make sure to charge appropriately for miscellaneous services; and understand what is involved in the debt service coverage test and monitor coverage levels.