Last Year Was Second-Highest For CPF Revenues

Last year brought the second-highest revenue total of all time for the Peconic Bay Community Preservation Fund—second only to the total for 2014.

Across the five towns, the CPF took in $100.29 million for 2015, compared to $107.69 million in 2014.

According to State Assemblyman Fred W. Thiele Jr., the overall revenue for 2015 topped $100 million for just the second time, but was 6.9 percent less than in 2014. Only the Town of Southold generated more annual revenue than in 2014.

In Southampton Town, revenues were down 7.29 percent, from $64.68 million in 2014 to $60 million in 2015. In East Hampton Town, revenues dropped 8.6 percent, from $31.62 million to $28.89 million.

Revenues dropped 7 percent in Riverhead Town, from $3.41 million to $3.17 million. Shelter Island saw a 10-percent drop, from $2.2 million in 2014 to $1.98 million in 2015.

Southold Town, on the other hand, had an 8.1-percent increase in CPF revenues, from $5.78 million up to $6.25 million.

The CPF is fed by a 2-percent tax on most real estate transfers, and is used for preservation and the like. Since its inception in 1999, the fund has generated $1.093 billion.

“It is clear that the real estate industry on the East End continued to be in a strong position in 2015,” Mr. Thiele said in a press release. “Town CPF funds should be flush with cash, allowing towns to be aggressive in protecting lands for open space, farmland, parks and recreation, and historic preservation purposes.”

The state has signed off on allowing the five towns to ask voters to approve a 20-year extension of the tax, as well as using as much as 20 percent of future revenues on efforts to improve water quality.