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Updated: November 11, 2009, 8:53 am	Share    Print    Email

Sag Harbor - Assemblyman Fred W. Thiele, Jr. (I-Sag Harbor) reported that revenues for the Peconic Bay Community Preservation Fund (CPF) have increased by 15.5 percent for September 2009 as compared to the same month in 2008. For September 2009, the CPF generated $4.25 million, whereas in 2008 the CPF generated $3.77 million for the same month. September marks the fourth consecutive month of improving CPF revenues and the highest monthly total in 13 months. For the year, the CPF has generated $25.8 million for 2009 to date, compared with $46.5 million in 2008, or a 44.5 percent decline.

Further, while revenues for September 2009 increased compared with a year ago, the number of transactions declined by seven percent for September 2009. For the first nine months of 2008 there were 4,893 transactions; for the same period in 2009 there were 3,662, a 25 percent decline for the year.

"The most recent CPF numbers clearly demonstrate two things," Thiele stated, "First, because of the national economic recession, the annual revenue expected to be generated for 2009 will be in the range of $34 million to $36 million which will be the lowest year since 2001. However, for the last four months the trend has improved, with the highest monthly revenues of the year. The question is whether this four-month increase is a real improvement or just a bubble."

Only time will tell. "The Peconic Bay Towns should continue to be cautious as they pursue their acquisition strategies," Thiele said.