A key objective of this study is to identify various alternatives for financing municipal infrastructure and closing infrastructure deficits. To do this, the study explores the drivers of the infrastructure problem, and then examines the ability of traditional financing options, innovative options, and systemic reform of municipal finance to address the issue. Traditional capital financing tools (e.g., property taxes, user fees, capital reserves, local improvement levies, developer charges, borrowing) do not offer a sustainable answer because they fail to address many of the key drivers, and may even reinforce some of the problems for which solutions are needed. Innovating with traditional options by employing them differently does offer potential, as does a renewed commitment to better asset management strategies. In the long-term, however, a more sustainable solution involves the pursuit of systemic municipal finance reform.