CPF Revenues Dramatically Down In Four East End Towns

Revenues for the Peconic Bay Community Preservation Fund (CPF) are significantly down for the third quarter in four out of the Five Towns, according to information provided by New York State Assemblyman Fred W. Thiele, Jr.

Last week, Mr. Thiele reported that though third quarter CPF totals for the Five Towns—East Hampton, Riverhead, Shelter Island, Southampton and Southold—were up slightly from those of the same period last year, $45.03 million for 2011 compared to $43.71 million for 2010, an approximate 3 percent increase, the only town that didn’t suffer a loss in revenue was Southampton. “Every town has experienced at least a double digit decline except for Southampton which has increased by 23.9 percent,” Mr. Thiele wrote in a press release issued on Tuesday, October 18.

In Southampton, CPF revenues rose approximately $6 million, from $24.57 million in third quarter 2010 to $30.45 million during the same quarter this year.

Shelter Island was hit the hardest, down from third quarter CPF dollars totalling $1 million from 2010 to just over $600,000 this year, resulting in a 39 percent decrease. East Hampton was next, with CPF dollars decreasing from $13.86 million in 2010 to $10.14 million in 2011, a nearly 27 percent decrease.

Riverhead CPF revenues decreased 10.6 percent, from $1.61 million collected in third quarter 2010 to $1.44 million collected in 2011. Southold CPF revenues decreased 10.2 percent, down from $2.66 million in third quarter 2010 to $2.39 million during the same period in 2011.

According to Mr. Thiele, CPF revenues are projected to be in the $60 million range for 2011.