Island’s CPF revenues slipped but still solid for seven months
Shelter Island’s Community Preservation Fund (CPF) revenues continue to be positive, according to numbers released by Assemblyman Fred Thiele Jr. (I-Sag Harbor).
Money for the CPF comes from a 2% tax that buyers pay when purchasing East End properties and is used in turn to purchase open space for preservation and fund water protection programs
Although strong, the Island’s numbers showed a dip from a month ago when Mr. Thiele released CPF revenues for the first six months of 2019. Last month, Shelter Island had recovered from a year-long slump, showing an increase in CPF revenues of 37% for the first six months of the year compared with the same period last year.
With release of CPF revenue figures for seven months, the numbers showed the increase at 26% compared with the same period last year.
The actual revenues were up in the seven-month figure as compared with the six-month CPF money. The Island saw an increase in CPF money of $870,000 this month as compared with $690,000 for the same period last year.
The only other East End municipality showing an increase was Southold at 3% for the first seven months of this year. The town took in $4.48 million this year compared to $4.3 million for the same period last year.
As for the other three East End Towns:
• Riverhead was down by 33.7 % for the first seven months of this year, bringing in $1.77 million as compared with $2.67 million for the same period last year.
• East Hampton, was down by 30% for the first six months of this year compared with the same period last year.
• Southampton, which had been down by 23.3% for the first six months of 2019 compared with the same period last year , which was down 20.1% for the first seven months, bringing in $26.11 million so far this year as compared with $32.68 million for the same period in 2018.
The total in CPF revenues for all five East End Towns for the first seven months of this year was off by 22.5% from the same period last year, Mr. Thiele said. Revenues this year are at $46.8 million compared with $60.36 million last year.
Since its inception in 1999, CPF revenues have generated $1.429 billion, of which $85.41 million came in during the past 12 months, Mr. Thiele said.
