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Chattanooga gas prices fall
Gasoline prices in Chattanooga fell last week for a second consecutive week, cutting the average cost of regular fuel by 20.3 cents a gallon below where it was a month ago to an average of $3.03 per gallon, according to GasBuddy’s survey of 170 stations in Chattanooga.
Prices fell by more than 12 cents a gallon in the past week in Chattanooga and are now 76.2 cents per gallon lower than a year ago, GasBuddy.com said.
Chattanooga fuel prices also average 55 cents a gallon less than the national average of $3.58 per gallon. The national average price of diesel has fallen 5.3 cents in the past week and stands at $4.07 per gallon.
“Oil prices have come under additional selling pressure alongside wholesale gasoline prices, giving retailers room to pass on the lower prices,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in a report Monday. “Diesel prices have followed, falling to their lowest in over 13 months as demand remains weak due to concerns over the economy.”
De Haan said gas prices could fall even more in the next few weeks with refinery maintenance wrapping up.
TVA funds school energy uplift plans
The Tennessee Valley Authority announced Monday it will provide another $2.6 million in grants to aid 64 schools with School Uplift program grants to improve the energy efficiency of school buildings across its seven-state service territory. The program is expected to cut the schools’ energy use by at least 10%.
In the Chattanooga region, TVA is providing $210,000 to the Naomi Elementary School in LaFayette, Georgia, $10,000 to Red Bud Elementary School in Calhoun, Georgia, $10,000 to Athens City Middle School in Athens, Tennessee, and $10,000 to Bradley Central High School in Cleveland, Tennessee.
“For nearly 90 years, TVA and our 153 local power company partners have worked to make a positive impact on the communities we serve, and our children are our most important asset,” said Monika Beckner, vice president, TVA Energy Services & Programs. “Making classrooms healthier and more comfortable for both students and teachers helps give every child the opportunity to succeed. We’re inspired by the winners of this year’s School Uplift grants and proud of their dedication to reducing energy waste and building a sustainable future for us all.”
In 2021, TVA launched the School Uplift program and so far has invested $7.28 million and has helped 118 schools save on their energy bills.
Georgia tax refunds issued for $1 billion
Georgia Gov. Brian Kemp announced Monday the first of a projected $1 billion of state income tax refunds have been issued.
The plan, approved overwhelmingly by the General Assembly under House Bill 162, gives a refund of up to $250 to single filers, up to $375 to single adults who head a household with dependents and up to $500 to married couples filing jointly.
It’s the second year in a row that lawmakers have approved Kemp’s request to issue income tax refunds, a move made possible because Georgia ended its last budget year with $6.6 billion in surplus revenue in the bank. That’s in addition to the state’s rainy day fund, filled to its legal limit of $5.2 billion.
Both the income tax rebate and a separate property tax giveback were key Kemp pledges in his successful re-election campaign last year.
The refund is being paid to people who filed tax returns for both the 2021 and 2022 tax years, and no one can get back more than they paid in state income taxes in 2021. Refunds are automatic for anyone who files a 2021 and 2022 return, with no further action required.
People who don’t owe state income taxes, including many retirees, won’t get any money. However, people claimed as dependents who worked last year, often students, can get refunds if they file taxes separately.
Treasury borrowing increases near limit
The Treasury Department said Monday it plans to increase its borrowing during the April to June quarter of this year, even as the federal government is close to breaching the $31.4 trillion limit on its legal borrowing authority.
The U.S. plans to borrow $726 billion during the quarter. That’s $449 billion more than projected in January, due to a lower beginning-of-quarter cash balance and projections of lower-than-expected income tax receipts and higher spending.
While Russia’s invasion of Ukraine remains a burden on U.S. economic growth, Treasury officials say the debate over the debt ceiling poses the greatest risk to the U.S. financial position.
Eric Van Nostrand, acting assistant secretary for economic policy, said in a statement that “even if Congress ultimately raises the debt limit before a default occurs, the ensuing uncertainty could raise borrowing costs and induce other financial stress that would weaken our labor market and our standing in the world.”
In January, Treasury Secretary Janet Yellen sent a letter to congressional leaders, stating that her department had begun resorting to “extraordinary measures” to avoid a federal government default. She said it’s “critical that Congress act in a timely manner” to raise or suspend the debt limit.
New CEO named for Emory hospital
Emory University has announced Dr. Joon Sup Lee as the new CEO of Emory Healthcare, the business that runs Emory’s 11 hospitals and 250 clinics, labs and other locations and is home to 24,000-plus employees.
Lee is president of University of Pittsburgh Medical Center Physician Services, where he is responsible for 5,000 employed physicians and all clinically active faculty. That work includes physician services, quality of care, patient experience, patient access and financial oversight of physician services. Lee has also played a role in UPMC’s expansion and holds the title of UPMC executive vice president.
Under Lee’s predecessor, Dr. Jonathan Lewin, the CEO job was broader. Lee’s job returns to an earlier structure, working on the hospitals and health services, while another Emory official oversees health care research as well as some of the functions the CEO does.
— Compiled by Dave Flessner
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