CPF Revenue Dips Again

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With a softer real estate market in East Hampton, the Community Preservation Fund has seen its revenue dip for the first five months of 2017, according to Assemblyman Fred W. Thiele, Jr.

The CPF took in $38.07 million versus $38.78 million during the same period last year, a decline of 1.8 percent.

East Hampton Town saw a 25 percent falloff in revenue, from $13.46 million in the first five months of 2016 to just $10.10 million this year. Most of that shortfall was made up in other towns, though. For instance, Southampton recorded a 9.1-percent increase from $21.16 million to $23.09 million, and Southold saw its revenues jump by nearly 24 percent, to $2.9 million. Modest gains were also recorded in Shelter Island and Riverhead.

Mr. Thiele noted that real estate sales have declined two straight years after reaching a peak in 2014, but said the CPF was still on pace to collect more than $90 million for the five East End towns this year.

Since its inception in 1999, the Peconic Bay Regional Community Preservation Fund has generated $1.223 billion.

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