Island still lags in CPF money
Shelter Island continues to lag behind the other East End towns in its Community Preservation Fund income for the 11 months of 2018.
The town has brought in $1.03 million in revenues as of the end of November compared with $1.51 million for the same months of 2017, according to figures released by Assemblyman Fred Thiele Jr. (I-Sag Harbor).
The revenues are generated by a 2 percent tax paid by property buyers and at least 80 percent of the CPF revenue is used to preserve open space and farmland. Up to 20 percent can be used for water quality improvement projects.
Of the other East End towns, Southampton is also agging in CPF income, bringing in $48.46 million for the 11 months of 2018 compared with $52.18 for the same period last year.
Riverhead had the best performance, bringing in 39.3 percent more in CPF funds than it did for the same 11 months of 2017. It garnered $4.34 million, compared with $3.11 million last year.
East Hampton was up by 20.3 percent this year, bringing in $29.43 million compared with $24.43 million last year.
Southold CPF revenues rose by 7.3 percent, from $6.55 million last year to $7.03 million this year.
Combined, all five towns increased CPF revenues for the first 11 months of 2018 by 2.8 percent, bringing in $90.28 million this year compared with $87.81 million last year, Mr. Thiele said.
Since its inception in 1999, the CPF tax has generated $1.374 billion for land preservation and water quality improvement projects.
