Island’s CPF numbers remain in black
While Community Preservation Fund income is lagging throughout the five East End towns, it remains up for Shelter Island for the third successive month.
Assemblyman Fred Thiele Jr. (I-Sag Harbor) released numbers for the first nine months of 2019 showing that Shelter Island has taken in 27.3% more in CPF money than it did for the same period of 2018. The Island has recorded $1.12 million so far this year compared with $880,000 last year.
The money comes from a 2% tax paid by property buyers and is used primarily for preserving open spaces and farmland, while up to 20% of the funding can be directed to water quality improvement projects.
The overall income decline for East End towns was down 20.2% for the first nine months this year, compared to the same period in 2018, Mr. Thiele said. The total income this year was $58.2 million, compared with $72.96 million in 2018.
“CPF revenues remain substantially lower compared to 2018,” Mr. Thiele said. He has advised caution in planning spending with CPF funds pending a real turnaround.
Southold is the only other East End town showing an increase in its CPF money for the first nine months of this year, but it is not as high as the Island’s increase. Southold’s numbers are up 6%, bringing in $5.67 million during the first nine months of this year compared with $5.35 million last year.
Despite the rocky period most East End towns are experiencing in their CPF income, Mr. Thiele notes that since the inception of the tax in 1999, $1.44 billion has come into town coffers and in the past 12 months, $84.2 million has been brought in for land preservation and water quality improvement.
