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Virginia Revenue Drops as Snow Storms Hit Sales-Tax Collections

March 14 (Bloomberg) -- Virginia’s revenue declined 3.4 percent in February compared with the same month a year earlier, as winter storms may have reduced sales-tax collections.

General-fund revenue dropped to $780 million last month from $808 million in 2013, driven by a 13 percent decline in sales and use tax collections, according to data released yesterday. Individual income-tax collections rose 8 percent.

Governor Terry McAuliffe, a Democrat, said in a statement that the decline probably resulted from severe weather.

Virginia municipal bonds have gained 2.9 percent this year, lagging the 3.3 percent rise for the broader market, according to S&P Dow Jones Indices.

To contact the reporter on this story: William Selway in Washington at wselway@bloomberg.net

To contact the editors responsible for this story: Stephen Merelman at smerelman@bloomberg.net Justin Blum

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