diff --git a/runtime/internal/flow/conn/auth.go b/runtime/internal/flow/conn/auth.go
index 16ac858..030ce8e 100644
--- a/runtime/internal/flow/conn/auth.go
+++ b/runtime/internal/flow/conn/auth.go
@@ -85,7 +85,10 @@
 	// Resolve of the discharge server name.  The two resolve calls may be to
 	// the same mounttable.
 	c.loopWG.Add(1)
-	go c.refreshDischarges(ctx)
+	go func() {
+		c.refreshDischarges(ctx)
+		c.loopWG.Done()
+	}()
 	return nil
 }
 
@@ -105,7 +108,6 @@
 	lAuth := &message.Auth{
 		ChannelBinding: signedBinding,
 	}
-	c.loopWG.Add(1)
 	if lAuth.BlessingsKey, lAuth.DischargeKey, err = c.refreshDischarges(ctx); err != nil {
 		return err
 	}
@@ -211,7 +213,6 @@
 }
 
 func (c *Conn) refreshDischarges(ctx *context.T) (bkey, dkey uint64, err error) {
-	defer c.loopWG.Done()
 	dis := slib.PrepareDischarges(ctx, c.lBlessings,
 		security.DischargeImpetus{}, time.Minute)
 	// Schedule the next update.
@@ -221,6 +222,7 @@
 		c.loopWG.Add(1)
 		c.dischargeTimer = time.AfterFunc(dur, func() {
 			c.refreshDischarges(ctx)
+			c.loopWG.Done()
 		})
 	}
 	c.mu.Unlock()
diff --git a/runtime/internal/flow/conn/conn.go b/runtime/internal/flow/conn/conn.go
index 80d0034..4806bef 100644
--- a/runtime/internal/flow/conn/conn.go
+++ b/runtime/internal/flow/conn/conn.go
@@ -340,7 +340,7 @@
 	}
 	c.status = Closing
 
-	go func() {
+	go func(c *Conn) {
 		if verror.ErrorID(err) != ErrConnClosedRemotely.ID {
 			msg := ""
 			if err != nil {
@@ -373,7 +373,7 @@
 		c.status = Closed
 		close(c.closed)
 		c.mu.Unlock()
-	}()
+	}(c)
 }
 
 func (c *Conn) release(ctx *context.T, fid, count uint64) {
diff --git a/runtime/internal/flow/conn/flow.go b/runtime/internal/flow/conn/flow.go
index e4127a3..1cad267 100644
--- a/runtime/internal/flow/conn/flow.go
+++ b/runtime/internal/flow/conn/flow.go
@@ -6,6 +6,7 @@
 
 import (
 	"io"
+	"sync"
 	"time"
 
 	"v.io/v23/context"
@@ -47,6 +48,9 @@
 	// borrowed indicates the number of tokens we have borrowed from the shared pool for
 	// sending on newly dialed flows.
 	borrowed uint64
+	// borrowCond is a condition variable that we can use to wait for shared
+	// counters to be released.
+	borrowCond *sync.Cond
 	// borrowing indicates whether this flow is using borrowed counters for a newly
 	// dialed flow.  This will be set to false after we first receive a
 	// release from the remote end.  This is always false for accepted flows.
@@ -60,14 +64,15 @@
 
 func (c *Conn) newFlowLocked(ctx *context.T, id uint64, bkey, dkey uint64, remote naming.Endpoint, dialed, preopen bool) *flw {
 	f := &flw{
-		id:        id,
-		dialed:    dialed,
-		conn:      c,
-		q:         newReadQ(c, id),
-		bkey:      bkey,
-		dkey:      dkey,
-		opened:    preopen,
-		borrowing: dialed,
+		id:         id,
+		dialed:     dialed,
+		conn:       c,
+		q:          newReadQ(c, id),
+		bkey:       bkey,
+		dkey:       dkey,
+		opened:     preopen,
+		borrowing:  dialed,
+		borrowCond: sync.NewCond(&c.mu),
 		// It's important that this channel has a non-zero buffer.  Sometimes this
 		// flow will be notifying itself, so if there's no buffer a deadlock will
 		// occur.
@@ -144,12 +149,16 @@
 		return int(max), func(used int) {
 			f.conn.lshared -= uint64(used)
 			f.borrowed += uint64(used)
+			f.ctx.VI(2).Infof("deducting %d borrowed tokens on flow %d(%p), total: %d", used, f.id, f, f.borrowed)
 		}
 	}
 	if f.released < max {
 		max = f.released
 	}
-	return int(max), func(used int) { f.released -= uint64(used) }
+	return int(max), func(used int) {
+		f.released -= uint64(used)
+		f.ctx.VI(2).Infof("flow %d(%p) deducting %d tokens, %d left", f.id, f, used, f.released)
+	}
 }
 
 // releaseLocked releases some counters from a remote reader to the local
@@ -161,12 +170,16 @@
 		if f.borrowed < tokens {
 			n = f.borrowed
 		}
+		f.ctx.VI(2).Infof("Returning %d tokens borrowed by %d(%p)", f.borrowed, f.id, f)
 		tokens -= n
 		f.borrowed -= n
 		f.conn.lshared += n
+		f.borrowCond.Broadcast()
 	}
 	f.released += tokens
+	f.ctx.VI(2).Infof("Tokens release to %d(%p): %d => %d", f.id, f, tokens, f.released)
 	if f.writing {
+		f.ctx.VI(2).Infof("Activating writing flow %d(%p) now that we have tokens.", f.id, f)
 		f.conn.activateWriterLocked(f)
 		f.conn.notifyNextWriterLocked(nil)
 	}
@@ -176,6 +189,7 @@
 	if err = f.checkBlessings(); err != nil {
 		return 0, err
 	}
+	f.ctx.VI(2).Infof("starting write on flow %d(%p)", f.id, f)
 	select {
 	// Catch cancellations early.  If we caught a cancel when waiting
 	// our turn below its possible that we were notified simultaneously.
@@ -212,6 +226,7 @@
 		if tokens == 0 {
 			// Oops, we really don't have data to send, probably because we've exhausted
 			// the remote buffer.  deactivate ourselves but keep trying.
+			f.ctx.VI(2).Infof("Deactivating write on flow %d(%p) due to lack of tokens", f.id, f)
 			f.conn.deactivateWriterLocked(f)
 			continue
 		}
@@ -250,6 +265,7 @@
 		f.opened = true
 	}
 	f.writing = false
+	f.ctx.VI(2).Infof("finishing write on %d(%p): %v", f.id, f, err)
 	f.conn.deactivateWriterLocked(f)
 	f.conn.notifyNextWriterLocked(f)
 	f.conn.mu.Unlock()
@@ -394,8 +410,19 @@
 }
 
 func (f *flw) close(ctx *context.T, err error) {
+	closedRemotely := verror.ErrorID(err) == ErrFlowClosedRemotely.ID
+	f.conn.mu.Lock()
+	if closedRemotely {
+		// When the other side closes a flow, it implicitly releases all the
+		// counters used by that flow.  That means we should release the shared
+		// counter to be used on other new flows.
+		f.conn.lshared += f.borrowed
+		f.borrowed = 0
+	}
+	f.borrowCond.Broadcast()
+	f.conn.mu.Unlock()
 	if f.q.close(ctx) {
-		eid := verror.ErrorID(err)
+		f.ctx.VI(2).Infof("closing %d(%p): %v", f.id, f, err)
 		f.cancel()
 		// After cancel has been called no new writes will begin for this
 		// flow.  There may be a write in progress, but it must finish
@@ -403,13 +430,12 @@
 		// can simply use sendMessageLocked to send the close flow
 		// message.
 		f.conn.mu.Lock()
-		delete(f.conn.flows, f.id)
 		connClosing := f.conn.status == Closing
 		var serr error
 		if !f.opened {
 			// Closing a flow that was never opened.
 			f.conn.unopenedFlows.Done()
-		} else if eid != ErrFlowClosedRemotely.ID && !connClosing {
+		} else if !closedRemotely && !connClosing {
 			// Note: If the conn is closing there is no point in trying to
 			// send the flow close message as it will fail.  This is racy
 			// with the connection closing, but there are no ill-effects
@@ -419,6 +445,18 @@
 				Flags: message.CloseFlag,
 			})
 		}
+		if f.borrowed > 0 && f.conn.status < Closing {
+			f.conn.loopWG.Add(1)
+			go func() {
+				defer f.conn.loopWG.Done()
+				f.conn.mu.Lock()
+				for f.borrowed > 0 && f.conn.status < Closing {
+					f.borrowCond.Wait()
+				}
+				delete(f.conn.flows, f.id)
+				f.conn.mu.Unlock()
+			}()
+		}
 		f.conn.mu.Unlock()
 		if serr != nil {
 			ctx.Errorf("Could not send close flow message: %v", err)
diff --git a/runtime/internal/flow/manager/conncache_test.go b/runtime/internal/flow/manager/conncache_test.go
index ff1f83c..186a40e 100644
--- a/runtime/internal/flow/manager/conncache_test.go
+++ b/runtime/internal/flow/manager/conncache_test.go
@@ -18,9 +18,11 @@
 	"v.io/x/ref/runtime/internal/flow/flowtest"
 	_ "v.io/x/ref/runtime/internal/flow/protocols/local"
 	inaming "v.io/x/ref/runtime/internal/naming"
+	"v.io/x/ref/test/goroutines"
 )
 
 func TestCache(t *testing.T) {
+	defer goroutines.NoLeaks(t, leakWaitTime)()
 	ctx, shutdown := v23.Init()
 	defer shutdown()
 
@@ -31,7 +33,9 @@
 		RID:       naming.FixedRoutingID(0x5555),
 		Blessings: []string{"A", "B", "C"},
 	}
-	conn := makeConnAndFlow(t, ctx, remote).c
+	caf := makeConnAndFlow(t, ctx, remote)
+	defer caf.stop(ctx)
+	conn := caf.c
 	if err := c.Insert(conn, remote.Protocol, remote.Address); err != nil {
 		t.Fatal(err)
 	}
@@ -72,7 +76,9 @@
 		RID:       naming.FixedRoutingID(0x1111),
 		Blessings: []string{"ridonly"},
 	}
-	ridConn := makeConnAndFlow(t, ctx, ridEP).c
+	caf = makeConnAndFlow(t, ctx, ridEP)
+	defer caf.stop(ctx)
+	ridConn := caf.c
 	if err := c.InsertWithRoutingID(ridConn); err != nil {
 		t.Fatal(err)
 	}
@@ -90,7 +96,9 @@
 		RID:       naming.FixedRoutingID(0x2222),
 		Blessings: []string{"other"},
 	}
-	otherConn := makeConnAndFlow(t, ctx, otherEP).c
+	caf = makeConnAndFlow(t, ctx, otherEP)
+	defer caf.stop(ctx)
+	otherConn := caf.c
 
 	// Looking up a not yet inserted endpoint should fail.
 	if got, err := c.ReservedFind(otherEP.Protocol, otherEP.Address, otherEP.Blessings); err != nil || got != nil {
@@ -117,7 +125,9 @@
 	}
 
 	// Insert a duplicate conn to ensure that replaced conns still get closed.
-	dupConn := makeConnAndFlow(t, ctx, remote).c
+	caf = makeConnAndFlow(t, ctx, remote)
+	defer caf.stop(ctx)
+	dupConn := caf.c
 	if err := c.Insert(dupConn, remote.Protocol, remote.Address); err != nil {
 		t.Fatal(err)
 	}
@@ -136,17 +146,20 @@
 	c.Close(ctx)
 	// Now the connections should be closed.
 	<-conn.Closed()
+	<-ridConn.Closed()
 	<-dupConn.Closed()
 	<-otherConn.Closed()
 }
 
 func TestLRU(t *testing.T) {
+	defer goroutines.NoLeaks(t, leakWaitTime)()
 	ctx, shutdown := v23.Init()
 	defer shutdown()
 
 	// Ensure that the least recently created conns are killed by KillConnections.
 	c := NewConnCache()
-	conns := nConnAndFlows(t, ctx, 10)
+	conns, stop := nConnAndFlows(t, ctx, 10)
+	defer stop()
 	for _, conn := range conns {
 		addr := conn.c.RemoteEndpoint().Addr()
 		if err := c.Insert(conn.c, addr.Network(), addr.String()); err != nil {
@@ -178,7 +191,8 @@
 
 	// Ensure that writing to conns marks conns as more recently used.
 	c = NewConnCache()
-	conns = nConnAndFlows(t, ctx, 10)
+	conns, stop = nConnAndFlows(t, ctx, 10)
+	defer stop()
 	for _, conn := range conns {
 		addr := conn.c.RemoteEndpoint().Addr()
 		if err := c.Insert(conn.c, addr.Network(), addr.String()); err != nil {
@@ -213,7 +227,8 @@
 
 	// Ensure that reading from conns marks conns as more recently used.
 	c = NewConnCache()
-	conns = nConnAndFlows(t, ctx, 10)
+	conns, stop = nConnAndFlows(t, ctx, 10)
+	defer stop()
 	for _, conn := range conns {
 		addr := conn.c.RemoteEndpoint().Addr()
 		if err := c.Insert(conn.c, addr.Network(), addr.String()); err != nil {
@@ -267,6 +282,7 @@
 
 type connAndFlow struct {
 	c *connpackage.Conn
+	a *connpackage.Conn
 	f flow.Flow
 }
 
@@ -284,7 +300,12 @@
 	}
 }
 
-func nConnAndFlows(t *testing.T, ctx *context.T, n int) []connAndFlow {
+func (c connAndFlow) stop(ctx *context.T) {
+	c.c.Close(ctx, nil)
+	c.a.Close(ctx, nil)
+}
+
+func nConnAndFlows(t *testing.T, ctx *context.T, n int) ([]connAndFlow, func()) {
 	cfs := make([]connAndFlow, n)
 	for i := 0; i < n; i++ {
 		cfs[i] = makeConnAndFlow(t, ctx, &inaming.Endpoint{
@@ -292,7 +313,11 @@
 			RID:      naming.FixedRoutingID(uint64(i + 1)), // We need to have a nonzero rid for bidi.
 		})
 	}
-	return cfs
+	return cfs, func() {
+		for _, conn := range cfs {
+			conn.stop(ctx)
+		}
+	}
 }
 
 func makeConnAndFlow(t *testing.T, ctx *context.T, ep naming.Endpoint) connAndFlow {
@@ -318,7 +343,7 @@
 		ach <- a
 	}()
 	conn := <-dch
-	<-ach
+	aconn := <-ach
 	f, err := conn.Dial(ctx, flowtest.AllowAllPeersAuthorizer{}, nil)
 	if err != nil {
 		t.Fatal(err)
@@ -328,7 +353,7 @@
 		t.Fatal(err)
 	}
 	<-fh.ch
-	return connAndFlow{conn, f}
+	return connAndFlow{conn, aconn, f}
 }
 
 type fh struct {