# December 16, 2024

## Attendees: 

| Role      | Name               | Voting Member |
| --------- | ------------------ | ------------- |
| Chair     | Steven Lupien      | Yes           |
| Member    | Jeffrey Siler      | Yes           |
| Member    | Kriss Baird        | Yes           |
| Member    | Shunsuke Murasaki  | Yes           |
| Member    | Rita Mistry        | Yes           |
| Member    | Mercy Fordwoo      | Yes           |
| Member    | Jose Velazquez     | Yes           |
| Member    | Kristijan Kowalsky | Yes           |
| Member    | Pepe Otegui        | Yes           |
| Secretary | Lawrence Clark     | No            |
| SME       | Lloyd Duhon        | No            |
| Observer  | Rafael Fraga       | No            |
| Observer  | Dave Dionsio       | No            |
| Observer  | Thiago Nunes       | No            |
| Observer  | Jack Briggs        | No            |
| Observer  | Nicholas Cerney    | No            |

Absents:

 

## Agenda:

* Changes to the Constitution
* Working Group updates
  1. Treasury 
  2. Budget Process
  3. Audit 

## Changes to the Constitution 

Lloyd and Lawrence explained the constitutional changes that impact the budget committee. 

* Budget is now Article IV of the Constitution
* Budget Purpose
  * for the ongoing operation, maintenance and future development of the Cardano Blockchain ecosystem and for covering other costs related to the implementation, administration and maintenance of the decentralized, on-chain governance processes provided for in this Constitution.
* Multiple Budgets Possible
* Requires use of Blockchain technology, including smart contracts, where beneficial
* Key Definitions
  * Budget
  * Administrator
* No Staking

Must be delegated to Auto-Abstain option.\
\
Constitution Text: <https://docs.intersectmbo.org/cardano/cardano-governance/cardano-constitution/draft-cardano-constitution/constitutional-convention-day-2>

## Treasury Management WG

* Meeting setup through 2025&#x20;
* Delayed start due to delay with treasury withdrawal&#x20;
* FX conversion plan has been discussed
* Lawrence is closing out KYB to onboard Cardano Development Holdings onto custodian&#x20;
* The Custodian MultiSig wallet workflow is to be defined and tested during Christmas.
  * Note: this has been delayed and is a risk of completion end of Jan due to holiday

## Budget Process WG

* ToR
* Meeting Schedule
* Strategy/Plan

Kriss Braid acknowledged this and noted that due to other events, he has been unable to progress this.

## Audit WG

* ToR
* Meeting Schedule
* Strategy/Plan

Jose Velazquez acknowledged this and noted that due to other events, he has been unable to progress this.

## Any other Business&#x20;

Lawrence noted that a Tax working group would be required&#x20;

Lawrence noted that due to the changes to the constitution, the budget proposal will not be ready until mid-January.&#x20;

All agreed that the next budget committee would in January 2025.

<br>


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