Revenues for the Peconic Bay Region Community Preservation Fund during the first 10 months of the year are down 22 percent compared to the same period last year, according to New York State Assemblyman Fred W. Thiele Jr.
Each of the five East End towns maintains its own CPF, funded through a 2 percent real estate transfer tax. Altogether, the towns collected just $63.35 million from January to October 2019, while $81.27 million was brought in during those months in 2018.
Every month so far in 2019 has underperformed 2018, Mr. Thiele noted. October revenues were $5.15 million, down from $8.31 million. The total revenue projection for 2019 is about $75 million, which would be the lowest annual total since the 2008-2012 period after the Great Recession, according to Mr. Thiele.
Of the five towns, East Hampton has had the worst year. There, revenue is down 29.3 percent, a slide from $26.82 million to $18.97 million. Southampton saw revenue dip 21.2 percent, from $43.3 million to $34.12 million.
Since its inception in 1999, the CPF has generated $1.45 billion for open space preservation, water quality and other uses.
Staff Writer on Dec 3, 2019