Island gets boost in CPF money

Shelter Island has increased its Community Preservation Fund revenues for the first five months of 2015 compared with the same period last year.

Numbers released by Assemblyman Fred Thiele Jr. (I-Sag Harbor) show the CPF revenues are up by 3.7 percent, bringing in $850,000. Last year’s revenues at this time were $820,000.

CPF revenue comes from a 2-percent tax buyers pay when purchasing property in the five East End towns. The tax then goes into a fund to buy open space to preserve.

Of the five East End towns, Riverhead and East Hampton showed declines in CPF revenues.

In Riverhead, the CPF money was down by about 23 percent from $1.6 million during the first five months of 2014 to $1.2 million this year. In East Hampton, the decline was about 3 percent from $11.6 million last year, to $11.3 million during the first five months of 2015.

Southold showed the largest increase at 27 percent going from $1.7 million in 2014 to $1.16 million this year.

Real estate transactions rose from 2,940 last year to 2,978 this year, Mr. Thiele said.

Since its inception in 1999, the program has generated $1 billion for the five East End towns and in the past 12 months a little more than $1 million.