- Important state and national stories, market and business news, sports and entertainment, delivered in quick-hit fashion to start your day informed.
In Mississippi
1. Jackson Council receives 2023 audit, two years after the fiscal year ended
WLBT reports that the Jackson City Council on Monday “accepted the 2023 Audited Comprehensive Financial Report, more than two years after the fiscal year ended.”
“The report included multiple ‘material weaknesses,’ meaning there were questionable internal processes in place in regard to how city funds were accounted for,” WLBT reported. “Auditors also dinged the city for failing to include financial information on the Jackson Convention Center – data that still has not been provided.”
WLBT reported that some of the material weaknesses included:
- Internal financial reports not accurately reflecting capital outlay expenditures
- Problems with purchasing procedures, meaning Jackson is not getting the best price for services
- Rental invoices not being entered into the payment processing system “in a timely manner”
- Rental invoices not being paid in a timely manner
- The city not receiving the correct amounts of interest on its bank deposits
- The city having several non-compliant bank accounts, exposing it to a potential loss of funds in the event of bank failures
2. White commends Child and Adult Care Food Program spending
State Auditor Shad White released a report Monday showing how nonprofits spend money received through the Child and Adult Care Food Program (CACFP) from the federal government and administered by the Mississippi Department of Education.
“Our audit showed this program is following good procedures for ensuring that hungry children are being fed,” said Auditor White in a statement. “I’m thankful to see proper grant monitoring processes in place for programs designed to serve some of the poorest Mississippians.”
As White shared, CACFP is a nutrition program meant to provide healthy meals to needy children and adults. Analysts determined Mississippi spent nearly $47 million on CACFP in FY 2024, $27 million of which went to nonprofits.
White said analysts at the Auditor’s Office determined that the CACFP program’s design makes it less likely to be abused than other grant programs highlighted in previous nonprofit reports released by the Auditor’s Office.
National News & Foreign Policy
1. Trump administration using taxpayer dollars to buy stakes in private companies
As reported by the New York Times, “The Trump administration is snapping up ownership shares of private companies it deems essential to national security. It is an unusual new strategy that has already committed more than $10 billion in taxpayer funds and shows little sign of slowing.”
“The government’s growing portfolio of corporate ownership involves minority stakes, or the option to take them in the future, in at least nine companies involved in steel, minerals, nuclear energy and semiconductors, a New York Times analysis found. The deals were all struck in the past six months, with the bulk made in October and November,” NYT reported. “The effort appears mostly driven by national security concerns, particularly a desire for the government to prop up strategic industries and lessen America’s reliance on foreign countries like China for key resources.”
NYT went on to report, “The unusual government intervention into the private market is fueling some concerns, including the opacity of the process, the potential for favoritism, corruption and market distortions, along with the possible loss of taxpayer funds should the investments fail.”
2. Trump, Congressional GOP leaders at odds over Obamacare subsidies
According to The Hill, “President Trump’s germinal proposal to extend ObamaCare subsidies has created new headaches for GOP leaders on Capitol Hill.”
“Trump’s plan, which multiple outlets reported features a two-year extension of soon-to-expire ACA tax credits paired with eligibility limits, contradicts those Republican criticisms, to include attacks by Trump himself earlier in the month,” The Hill reported, adding, “The [January 1] deadline has put Republican leaders into a no-win position: If they extend the tax credits, they’ll go on record for the first time augmenting a Democratic law they deem noxious while infuriating a conservative base that’s spent more than 15 years trying to kill it.”
The Hill continued, “The tensions are strong enough that the White House — faced with a conservative outcry — reportedly scrapped its plans to unveil the subsidy extension on Monday.”
Sports
Belhaven picks up season conference honors
The USA South Athletic Conference announced its 2025 All-Conference awards on last week, and Belhaven football was well represented.
Senior linebacker Wyatt Beck headlined the list, earning USA South Defensive Player of the Year.
The Blazers had four placed on the All-USA South First Team Honors while five others picked up Second Team recognition with an Honorable Mention selection and All-Sportsmanship Team selection rounding out the group.
Markets & Business
1. Black Friday spending could be down this year
CNBC reports that Black Friday shoppers may not be as eager to splurge this season “amid concerns about the economy, persistent inflation and President Donald Trump’s latest wave of tariff hikes.”
“Consumers plan to spend an average of $622 between Nov. 27 and Dec. 1, down 4% from last year, according to a new Deloitte survey released Monday. The overall belt-tightening was largely due to a higher cost of living and financial constraints, Deloitte found,” CNBC reported.
CNBC added, “Overall, shoppers are trying to spread out their spending to be ‘more strategic,’ according to Stephanie Carls, a retail insights expert at RetailMeNot. That also includes stacking savings, such as pairing sales events with promo codes or coupons as well as cash-back offers.”
2. To cut or not to cut? Decision is Powell’s
The Wall Street Journal reports that allies of Federal Reserve Chair Jerome Powell “have laid the groundwork for him to push a rate cut through a divided committee at next month’s meeting even though it could draw multiple dissents.”
“The unusual level of division inside the Fed means that, to an even greater degree than usual, the final call rests with Powell,” WSJ reported.
“To negotiate these stark divisions, Powell is likely to weigh two approaches, each with drawbacks. The first: cut rates, as markets now expect, and use the exquisitely negotiated postmeeting statement to signal a higher bar for further reductions,” WSJ noted. “The alternative is to hold rates steady and reassess in January, when officials will have more of the employment and inflation data that was suspended by a federal government shutdown.”
