Featured Story

Shelter Island CPF money slowly rising

Assemblyman Fred Thiele Jr. announces CPF funding for East End towns.

REPORTER FILE PHOTO | Assemblyman Fred Thiele Jr. announced CPF funding for East End towns.

On the surface, a 16.8 percent downturn in Community Preservation Fund money reaching Shelter Island in the first five months of 2014 might not look good.

But that downturn was at 24 percent for the first four months of this year compared with the first four months of 2013.

It appears that real estate professionals who said last month deals were percolating but had been slow to close are beginning to see a turnaround.

That almost 8 percent movement in a month from the same period last year appears on target with what those real estate professionals told the Reporter last month.

While Shelter Island  had $980,000 in CPF funds at the end of May 2013, it had $820,000 at the same time this year. But just a month earlier, the town had only $539,475 in CPF funds, so in a one-month period, it has reaped another $280,525.

Nonetheless, Shelter Island was the only one of the five East End towns to record a downturn in CPF funds this year, according to numbers released by Assemblyman Fred Thiele Jr. Overall, there was a 5.1 percent increase in CPF funds year to year for the five towns.

Riverhead showed the highest percentage increase for the five month period, jumping by 88.1 percent over the same period in 2013 from $840,000 to $2.58 million. Southold followed with a 27.8 percent increase, from $1.33 million for the first five months of 2013 to $1.7 million for the same period in 2014.

Smaller percentage increases were reflected in Southampton and East Hampton, although the dollar amounts were much higher.

Southampton saw a 3.8 percent hike from $21.67 million last year to $22.5 million this year. East Hampton had a 1 percent increase from $11.55 million in 2013 to $11.66 million this year.

Mr. Thiele reported that overall there was a 5.1 percent increase in CPF funds reaching East End coffers between January and the end of May. Overall, that amounted to $38.26 million as compared with $36.38 million last years.

[email protected]