During January 2020, the Peconic Bay Community Preservation Fund (CPF) generated $9.1 million in revenue for the Peconic Bay Region, as noted in a recently released report from Assemblyman Fred W. Thiele, Jr
. That's more than doubt that the same time period last year produced. January 2019 resulted in $5.47 million CPF revenue, which marks a 66.4 percent increase for the month from 2019.
"It is impossible to determine trends based on a single month of CPF revenues," Thiele stated. "At least a quarter of a year of data is required to determine whether the revenue increase for January marks a significant change. However, the revenue total of $17.69 million for the last two months is encouraging."
The January 2020 and 2019 Peconic Bay Community Preservation Fund (CPF). (Courtesy Photo)
East Hampton saw the biggest increase from 2019 ($1.43m) to 2020 ($2.64m), while Shelter Island was the sole town to see a decrease from $0.10m in 2019 to $0.08m in 2020. However, compared to 2018 ($9.91m), the CPF produced slightly less revenue, and in 2019, each month's revenue total was less than the corresponding month for 2018. Overall, revenues were 21.3 percent less than 2018. January 2020 is the first time since December 2018 that CPF revenues have exceeded the corresponding month of the previous year.
The Peconic Bay Region Community Preservation Fund, which was established in 1999, has generated $1.469 billion. The public program, managed by each of the five East End Towns, is utilized for the "protection of farmland, open space, and community character."
Nicole is the Editor-in-Chief of Hamptons.com where she focuses on lifestyle, nightlife, and mixology. She grew up in the Hamptons and currently resides in Water Mill. www.hamptons.com