BloggersDavid Reich-Hale Denise M. Bonilla Sophia Chang Tara Conry Carl Corry Erin Geismar Scott Eidler Mackenzie Issler Carl MacGowan Deborah S. Morris Ted Phillips Candice Ruud Nicholas Spangler Joshua Stewart
East End preservation fund shows more revenue
The East End towns’ Community Preservation Fund finished 2011 with a slight increase in revenue compared to 2010, thanks to a 15 percent jump in the Town of Southampton, according to Assemb. Fred W. Thiele Jr. (I-Sag Harbor). The other four East End towns all saw declines.
The fund drew in $58.85 million, about 0.1 percent more than the 2010 total of $58.78 million. Southampton has by far the biggest fund, and the healthiest. It took in $38.8 million last year, a 15 percent increase.
In East Hampton, revenue declined from $17.7 million, to $13.8 million, a 21 percent decrease. In Riverhead, the fund drew in less than $2.3 million, a 15 percent decline over the previous year.
Southold went from getting $3.6 million in 2010 to $3.35 million in 2011. Shelter Island, the smallest of the five towns, saw its CPF revenue drop from $1.3 million to $820,000 year-over-year.
The Community Preservation Fund, which generates money from a 2 percent tax on real estate sales — with the first $250,000 of a sale exempt — was started in 1999 after voters approved a referendum and will continue until 2030.
Each town generates and spends the money within its own boundaries.