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Island CPF numbers up, but still below 2018

After a disappointing first quarter, Community Preservation Funds (CPF) through the end of April showed an upswing for Shelter Island. The Island has been lagging the other four East End towns — and most of them have had poor numbers for much of the 2018 and 2019’s  first quarter.

Shelter Island revenues are still down for the first four months by 6.8 percent compared with the same period last year, but that’s a recovery from the 38 percent decline reported for the first three months of this year.

Money for the CPF comes from a 2 percent tax buyers pay when purchasing East End properties and is used to purchase open space for preservation and to fund water protection programs.

During the first four months of 2019, town sales brought in $410,000 as compared with $440,000 during the same period in 2018.

But despite an overall downturn for all four months this year, the April numbers were the highest yet this year, according to Assemblyman Fred Thiele Jr. (I-Sag Harbor).

Still, the tally for all five East Towns for the first four months of 2019 were $23.95 million, down by 24 percent for the same period in 2018, Mr. Thiele said.

Ironically, Riverhead, which has led the pack this year and was up by 9 percent at the end of March,  showed a 25 percent decline in its CPF revenues for the first four months of this year. It brought in $1 million during the first third of 2019 as compared with $1.35 million for the same period last year.

The three other East End towns showed declines with East Hampton coming in 13 percent lower than it had for the same four months of 2018; Southampton with a 31.5 percent decline; and Southold with an 18.5 percent decline.

Since the inception of the fund in 1999, the fund has produced $1.406 billion, Mr. Thiele said.

 

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