The Trial Balance is CFO.com’s weekly preview of stories, stats and events to help you prepare.
Part 1 — Florida CFO and Jacksonville mayor debate fiscal responsibility
Florida’s CFO Blaise Ingoglia is pressuring Jacksonville leaders to scale back spending as the city approaches a vote on its $2 billion budget. Now, the city’s mayor and the state’s CFO are in a public dispute over the city’s budget strategy.
Ingoglia said his review found nearly $200 million in excess costs, a sum he argued could allow a property tax reduction of 1.19 mills, equal to $1.19 for every $1,000 of taxable value. That proposal goes well beyond the one-eighth of a mill decrease currently on the table in the city council. He also pointed to a 23.5% jump in city salaries and 646 additional employees since 2019 as evidence that Jacksonville’s spending has grown faster than its population.
Jacksonville Mayor Donna Deegan dismissed Ingoglia’s claims, saying the criticism lacks specifics and overlooks the city’s fiscal standing. She emphasized that the city’s property tax collections are part of the general fund, which primarily supports police and fire services, making such a large cut unrealistic if the city is expected to maintain its emergency services.
Deegan also highlighted that city reserves have grown by $245 million, or 89%, since 2019, and noted AAA-level ratings agency recognition as proof of fiscal responsibility. She cited expanded infrastructure commitments and a 22% raise for first responders as examples of responsible investment.
Ingoglia has cited a $50,000 hologram of Deegan at Jacksonville International Airport as an example of the mayor’s overspending. Deegan dismissed the focus on the project as an exaggeration, saying it was a way to support a local business. She has been quoted defending her hologram, saying many mayors across the country welcome people to their airport in video or audio format. In his review of Jacksonville’s finances, Ingoglia brought up the hologram as a way to begin his presentation. “I considered doing this presentation as a hologram, but I wanted to save taxpayers’ dollars,” he said.
The city council will decide on Sept. 23 whether to adopt the proposed budget and set the tax rate. While some members have argued for larger reductions, including a one-mill cut worth about $100 million in foregone revenue, leaders admit even smaller decreases may be difficult to pass. Ingoglia said his office will release a complete audit of Jacksonville’s finances by the end of October as part of a statewide push to rein in local government spending and reduce property tax burdens.
For Ingoglia, the Jacksonville dispute is one piece of a broader campaign. Since taking charge of the state’s Department of Government Efficiency earlier this year, he has visited counties across Florida to highlight what he calls unchecked growth in local budgets. He also made similar claims about Orange County, Florida, last week, arguing that local leaders there had overspent by about $190 million. The mayor there, Jerry Demings, called Ingoglia’s math “fuzzy.”
By spotlighting cities across the Sunshine State, Ingoglia is positioning his office as a check on municipal spending across Florida.
Part 2 — This week
Here’s a list of important market events slated for the week ahead.
Monday, Sept. 22
- Several Federal Reserve leaders will be speaking today, including New York Fed President John Williams, St. Louis Fed President Alberto Musalem and Cleveland Fed President Beth Hammack.
- Chicago Fed National Activity Index, Aug.
Tuesday, Sept. 23
- S&P flash U.S. services PMI, Sept.
- S&P flash U.S. manufacturing PMI, Sept.
Wednesday, Sept. 24
- New home sales, Aug.
Thursday, Sept. 25
- Initial jobless claims, week ending Sept. 20
- GDP (third estimate), Q2
- Advanced retail inventories, Aug.
- Advanced wholesale inventories, Aug.
- Durable-goods orders, Aug.
Friday, Sept. 26
- PCE index, Aug.
- Core PCE index, Aug.
- Consumer sentiment (final), Sept.
Part 3 — Weekly listen: PepsiCo India CFO Kaushik Mitra
On the Growthcast podcast hosted by Shashank, PepsiCo India CFO Kaushik Mitra said career progression should be viewed through both a personal and organizational lens. He advised finance professionals to resist pushing too aggressively for promotions and instead measure their readiness by the value they create. “The time to move on is when your learning is complete,” Mitra said, emphasizing that advancement comes when leaders balance ambition with the enterprise’s needs.
Reflecting on his 24 years at PepsiCo, Mitra said long-term career growth depends on adaptability and resilience. He contrasted the intensity and ownership mindset of startups with the process discipline and stability of global corporations, arguing that finance leaders need exposure to both. For those staying in one company for decades, he said the reasons are sharpening leadership capability, managing teams effectively and maintaining uncompromising integrity, all traits that carry more weight than technical expertise alone.
Looking forward, Mitra said CFOs must adapt to a finance environment where bots already handle reconciliation and transaction processing. He urged finance leaders to treat AI as an ally in analytics, forecasting and decision support, while doubling down on uniquely human strengths: judgment, influence and trust. “Knowledge will be democratized,” he said. “But your leadership ethos and the way you mobilize people will determine long-term success.”
