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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.