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Island CPF revenues still afloat

Shelter Island is the only East End town reporting positive Community Preservation Fund (CPF) income for the first 10 months of 2019  compared with the same period the previous year.

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.

The Island shows a 28.9% increase this year, bringing in $1.25 million compared with $970,000 for the first 10 months of 2018.

The numbers were released this week by Assemblyman Fred Thiele Jr. (I-Sag Harbor), who said overall revenues for the five East End towns are down by 22% compared with last year’s CPF income.

The 2% tax in $63.35 million to date this year as compared with $81.27 million for the save months in 2018, the legislator said.

The projection for the full year is $75 million, which represents the lowest annual total since the 2008-2012 period following the Great Recession of 2008.

At the same time, Mr. Thiele said the fund has generated $1.445 billion in revenues since its inception in 1999.

Southold, that was showing low but positive numbers for the first nine months of this year, shows a 1% decline for the 10-month period, netting $6.13 million  compared with $6.14 million for the 10 months of 2018.

The other three towns were all under water for the first 10 months of this year.