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Hamptons Life

May 24, 2019 4:11 PMPublication: The East Hampton Press & The Southampton Press

CPF Revenue Rebounded Some In April

May 27, 2019 10:01 AM

Though Peconic Bay Community Preservation Fund revenue is down more than 24 percent so far this year, April brought some hope.

The five East End towns raked in $7.4 million in CPF revenue in April 2019. That’s slightly lower than the $8.2 million collected in April 2018—but better than the $6.4 million in April 2017.

“CPF revenues had declined for three consecutive months,” noted New York State Assemblyman Fred W. Thiele Jr. in a statement. “April marked a return to revenues more in line with the last few years. However, local government officials should continue to closely monitor CPF revenues in the coming months and be cautious in making any long-term projections.”

Comparing the first four months of this year and last, revenue is down 24.2 percent across the East End. Southampton Town has had it the worst: Revenue dropped from $17.53 million in the first third of 2018 to $12.02 million in the first third of 2019, a 31.4 percent decrease. East Hampton Town saw a drop from $9.69 million to $8.4 million, or 13.3 percent.

The CPF is funded by a 2 percent tax on most real estate transfers. Each town on the East End maintains its own fund and manages its own revenues, which, among other purposes, may be spent on open space and farmland preservation and water protection.

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