While Community Preservation Funds are down throughout most East End towns, Shelter Island and Southold both show numbers on the positive side for the first three quarters of 2019, according to 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.
Shelter Island shows a 27.3% increase for the year as of the end of September, bringing in $1.12 million this year compared with $880,000 for the same period in 2018.
Southold shows a lesser percentage, but is up 6%, receiving $5.67 million this year compared with $5.35 million for the first nine months of 2018.
The other three East End towns are all in the negative by wide margins:
• Riverhead is down by 31.4% this year, netting $2.49 million this year compared with $3.63 million in 2018.
• East Hampton is down by 27.8% this year, bringing in $17.38 million this year compared with $24. 08 million last year.
• Southampton saw a 19.2% decline this year, with revenues totalling $31.54 million for the first three quarters of this year compared with $39.03 million for the same period last year.
The overall decline for the first three quarters of 2019 is 20.2%, netting $58.2 million this year compared with $72.96 million last year, Mr. Thiele said.
Still, CPF revenues have brought in $1.44 billion since its 1999 inception and $84.2 million in the last 12 months.
“CPF revenues remain substantially lower compared to 2018. However, revenues have stabilized in the last four months,” he said. In May, revenues were down 27.4% for the year, and the reduction through September has been reduced to 20.2%.