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Tuxedo reports improved finances; Moody's rating upgraded to A1

Town Board of the Town of Tuxedo · January 28, 2026
AI-Generated Content: All content on this page was generated by AI to highlight key points from the meeting. For complete details and context, we recommend watching the full video. so we can fix them.

Summary

Supervisor Dave McMillen presented fiscal-year 2025 results showing about $1.4M more cash, a roughly $578,000 increase in fund balance and restored reserves to about 29% of revenues; Moody's was upgraded from A3 to A1 and the town reported securing about $12 million in grants.

Supervisor Dave McMillen delivered the town's fiscal 2025 financial report, saying the town moved from a state of fiscal stress to stability after implementing a structured recovery plan that included an investment policy, stronger procurement controls and added bookkeeping oversight.

"Town cash increased by approximately $1.4 million," McMillen reported, and total fund balance rose by approximately $578,000. He said reserves were restored to approximately 29% of annual revenues, up from below 21% in 2023, and noted the New York State Comptroller now classifies the town as financially stable. McMillen added that Moody's upgraded Tuxedo's rating from A3 to A1, which should reduce borrowing costs for future infrastructure projects.

McMillen also said the town has secured approximately $12 million in grants and used LDC funds to help offset tax expenditures. The board framed the results as confirmation that its financial oversight measures have improved the town's fiscal position.

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