Assemblyman Fred W. Thiele, Jr. (I-Sag Harbor) today reported that 2019 revenues for the Peconic Bay Community Preservation Fund (CPF) for the first five months produced revenue of $29.42 million. A year ago, $40.53 million was collected for the same period. This represents a 27.4% decrease. The revenues for May 2019 were $5.48 million compared with $8.94 million a year ago.

Since its inception in 1999, the Peconic Bay Regional Community Preservation Fund has generated $1.411 billion. The 2% tax under the CPF expires in 2050.

Thiele stated, “CPF revenues have declined for five consecutive months when compared with 2018. While there is wide speculation as to why this declined has occurred, there is no doubt that the six year streak of $90+ million per year in CPF revenue is in serious jeopardy. Current trends would result in revenues in the $70 million range for 2019, the lowest since the end of the Great Recession. Local government officials should continue to closely monitor CPF revenues in the coming months and be cautious in making any long term projections.”

Below are revenues by Town for the first five months of 2018 compared with 2019.