CPF Revenues Were Up Again In July

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Peconic Bay Community Preservation Fund revenues tallied up at $55.7 million for the first seven months of 2014, with July chipping in $9.94 million of that sum.

By comparison, CPF revenues were $8.8 million in July of last year, and $52.67 million, or 5.8 percent less than this year, for the first seven months of 2013 across the five East End towns.

According to a press release from the office of State Assemblyman Fred W. Thiele Jr., Riverhead Town continued to lead in percentage increases across the towns, with revenues up 42.3 percent in the first seven months of this year, from $1.37 million to $1.95 million.

As far as overall revenues among the towns go, however, Southampton Town still stands as the top producer, having collected $32.37 million, as opposed to $30.85 million in the first seven months of 2013, a 4.9-percent gain. East Hampton Town is the next-highest revenue producer, bringing in $17.45 million, versus $16.86 million in the first seven months, a 3.4-percent increase.

Southold Town CPF revenues went from $2.23 million to $2.68 million, a 20.2-percent rise, while Shelter Island Town’s revenues actually went down by 8.8 percent, from $1.36 million to $1.24 million.

Since its inception in 1999, the Peconic Bay Regional Community Preservation Fund has generated $940.44 million by taxing real estate transactions to preserve land and similar community resources. The CPF generated $98.47 million of that figure in the last 12 months, according to the state assemblyman’s office.

Since last year was the second-highest revenue-producer in CPF history, exceeded only by 2007, a 5.8-percent gain on 2013 in this year is good news, Mr. Thiele pointed out in the release. And the fact that revenues have consistently stayed between $7 million and $10 million per month this year reflects not only the current ability of CPF revenues to protect community character, but also “continued strength and stability in East End real estate,” the assemblyman said.

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