Dip Seen in CPF Revenue

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New York State Assemblyman Fred W. Thiele Jr. reported this week that revenues from the Peconic Bay Community Preservation Fund had declined by 4.4 percent over the first half of 2016 as compared to the same period a year ago.

All told, the CPF, which draws its revenue from a 2-percent transfer tax on most real estate sales, collected $46.16 million in the five East End Towns of Southampton, East Hampton, Shelter Island, Riverhead, and Southold. Last year, $48.28 million was raised in the first six months.

Much of the falloff came during the month of June when only $7.38 million was collected, as compared to the $9.02 million that was taken in in 2015. Mr. Thiele noted it was the fourth straight month of lower revenues, and also reported that there were 3,125 real estate sales so far this year as compared to 3,689 for the first half of 2015.

Only East Hampton Town, which saw an 11.4-percent jump, from $14.77 million to $16.48 million, saw strong revenues. Southampton saw a 13.2-percent decline from $28.35 million to $24.62 million, while Shelter Island reported a 13.4-perent decline from $970,000 to $840,000. Southold recorded a 2.5-percent increase, from $2.76 million to $2.83 million, and Riverhead saw a dip of 2.1 percent, from $1.42 million to $1.39 million.

The CPF fund has generated $1.14 billion since its inception in 1999.

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