Caerphilly council has been been criticised for having over £180 million in reserves.
The leader of the borough's Plaid Cymru group criticised the council over the amount of useable reserves it has after the figure was revealed during a special council meeting on October 14.
Councillor Colin Mann, leader of the Plaid Cymru group, said the council is "just sat on a pile of money".
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According to the financial accounts published by the council, the amount in reserves has risen by more than £40m between March 2019 and March 2021 - which is when the last financial year ended.
According to the council, the reason for this increase is due to an underspend during lockdown, while services were forced to close, as well as extra grants from the Welsh Government.
Cllr Mann said: "Residents in Caerphilly County Borough who have seen council tax rises rise substantially will be bewildered that money is being hoarded when it could be spent on improving services to communities.
"I'm baffled in these troubled times why Labour feels it is important to hold money for a rainy day. It's pouring now.
"Officers are naturally likely to be cautious over the use of reserves but Labour councillors need to show some leadership and spend some of the money being hoarded."
The council said that of the £180m usable reserves, £168m has been allocated. The council said the money is set aside for projects such as the Place Shaping agenda, where £30 million has been allocated.
Labour councillor Eluned Stenner, Cabinet Member for Customer, Performance, Economy and Enterprise, said: "Despite the significant challenges presented by the Covid-19 pandemic, the council's financial position has been well managed during the 2020/21 financial year.
"The significant financial support provided by the Welsh Government has been vital to maintain financial resilience, albeit that ongoing support through the Covid-19 Hardship Fund was only confirmed until the end of September 2021."
Cllr Stenner added that is was important for the council to "continue to manage its finances effectively when planning ahead".
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