The Trial Balance is CFO.com’s weekly preview of stories, stats and events to help you prepare.
Part 1 — Memphis’ new CFO comes days after $900 million budget passes
Memphis is turning to a familiar face to oversee its finances at a pivotal moment for the city.
Mayor Paul Young late last week named a new CFO and COO in a bid to deliver services at a “higher level” and “execute major initiatives and projects.” Art Davis, currently the city’s deputy CFO of the treasury, has been promoted to CFO, while former FedEx executive Chris Winton has been named chief operating officer of Memphis.
The leadership transition comes just days after the Memphis City Council approved a nearly $900 million operating budget for fiscal 2027. The spending plan included $5 million for renovations to AutoZone Park but rejected requests from transit advocates to increase funding for the Memphis Area Transit Authority from $32 million to $53 million. Council members also declined to advance a proposal to raise taxes to generate additional funding for the city’s violence intervention program.
The budget debate underscored the competing priorities Davis will inherit. Business leaders and transit advocates have argued that improving public transportation is essential to attracting employers and supporting downtown businesses, while city officials continue balancing infrastructure needs and public safety spending within a constrained budget. The budget process offers an early glimpse of the capital allocation decisions Davis will help guide.
Davis also takes over as Memphis works to build on recent gains while addressing persistent economic challenges. In a ranking of “economic vitality” across 206 metropolitan areas issued this month, the Memphis metro ranked close to dead last, landing in 205th place.
The backdrop stands in contrast to other neighboring cities in Tennessee. Earlier this month, a MoneyLion analysis of U.S. Census data found that the Nashville suburbs of Spring Hill and Lebanon ranked among the nation’s 50 fastest-growing suburbs between 2019 and 2024. Tennessee was also among the nation’s top destinations for inbound movers in 2025, reflecting continued population growth and business investment in towns like Franklin and Hardin Valley.
At the same time, Memphis has reported improvements in public safety. The Memphis Police Department reported overall crime fell 41.5% during the first quarter of 2026 from a year earlier, while homicides declined 31% as the city continued a downward trend that began in 2023.
Davis now inherits the challenge of helping Memphis translate those public safety gains into economic growth while positioning West Tennessee to capture more of the businesses, investment and residents that have powered the fast-growing markets around Nashville and Knoxville.
Part 2 — This week
Monday, June 29
- None scheduled
Tuesday, June 30
- S&P Case-Shiller home price index (20 cities)
- Chicago Business Barometer (PMI)
- Consumer confidence, June
- Job openings, May
Wednesday, July 1
- ADP employment June
- Fed Chairman Kevin Warsh speech
- S&P final U.S. manufacturing PMI
- ISM manufacturing, June
- Construction spending, May
- Auto sales, June
Thursday, July 2
- U.S. employment report, June
- U.S. unemployment rate, June
- U.S. hourly wages, June
- Hourly wages year over year
- Initial jobless claims, June 27
- Factory orders, May
Friday, July 3
- Fourth of July holiday, none scheduled
Part 3 — Quote of the week
“Don’t go into private equity just because you think you’re going to make a ton of money out of it… I don’t know what the stats are, but how many people actually walk away with a multimillion-pound check at the end of it? Probably not that many.”
-Jim Buckle
CFO, Guosto
Guosto CFO Jim Buckle said this on a recent podcast appearance when discussing the different ownership structures companies operate under, and how that impacts CFOs looking to take on a new role.
