Categorized | Government, Page 1

CPF Breaks $750 Million Mark; Sees Slight Decline in First Half of 2012

Posted on 02 August 2012

The Peconic Bay Community Preservation Fund (CPF) is down six percent for the first six months of 2012, according to a press release issued by Fred W. Thiele, Jr. late last week.

According to Thiele, the CPF – collected separately in the five East End towns through a two-percent real estate transfer tax – earned revenue of $29.62 million in the first six months of 2012, compared to $31.51 million last year. In June, the five towns collectively earned $5.66 million, said Thiele, down from $7.44 million in 2011.

The CPF is used by the five towns for the preservation of open space, recreational spaces and historic properties. Since its inception on 1999, the Peconic Bay Regional Community Preservation Fund has generated $752.05 million or more than ¾ of a billion dollars.

“At the half-year mark, CPF revenues of $29.62 million are on track with 2010 and 2011, where $58.78 and $58.85 million were collected for each full year, respectively,” said Thiele. “In particular, real estate activity is substantially higher in the Town of East Hampton when compared with a year ago.”

East Hampton Town has seen a 27 percent increase in CPF monies for the first six months of 2012 compared to the first six months of 2011, earning $9 million so far this year.

The remainder of the five towns have seen an overall decrease in CPF monies so far in 2012. Shelter Island has collected 3.6 percent less than it did last year, earning $380,000 so far this year. Riverhead Town is down about 15 percent, earning $810,000 in 2012 so far. Southampton Town has seen an 11.6 percent decrease, collecting $17.78 million in 2012 compared to $21.33 million in the first six months of 2011 and Southold has seen a small dip, earning $1.63 million compared to $1.69 million last year.

 

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