CPF Revenues ‘Plateau’ in 2015

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Community Preservation Fund income has been leveling off this year when compared to 2014, but is still higher than revenues collected in 2013.

According to State Assemblyman Fred W. Thiele Jr., the CPF generated $81.55 million in the first 10 months of 2015, nipping at the heels of what was collected a year ago. In 2014, $82.38 million, or 1 percent more, was collected for the same period.

“This year’s revenue will be pretty close to last year’s,” Mr. Thiele said on Friday. “It was clear in the middle of this year that revenue had plateaued, and the last couple of months were even a little less than last year.”

He alluded to some “extraordinarily large sales” that transpired last year as the reason why revenue declined slightly this year. “The revenues are really driven by the high end of the market,” he explained.

November revenues totaled $9.69 million, while $10.56 million came in from the same month last year.

The CPF is collected in five towns, and only two saw their revenues rise over the last 10 months when compared to the same time period in 2014. Southampton inched up .4 percent, from $49.27 million in 2014 to $49.50 million this year, while Southold jumped 12.2 percent, from $4.5 million to $5.05 million.

In East Hampton, revenues dropped 5.2 percent, from $23.97 million to $22.72 million. Shelter Island slipped 8.5 percent, from $1.76 million to $1.61 million. Riverhead fell 6.6 percent, from $2.87 million to $2.68 million.

“This year’s revenues are close to all-time highs but not as high as last year,” Mr. Thiele said. “There’s clearly a trend here where things are flattening out and maybe even in some places declining.”

The CPF is on track to produce more than $97 million for the year. It is fed by a 2-percent tax on most real estate transfers for preservation and the like.

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