# 2025 Budget Process Timeline

<figure><img src="/files/3viYLTeezRPkB7PIKoKI" alt=""><figcaption></figcaption></figure>

### Key dates:&#x20;

Net Change Limit = To be raised as a governance action on 3 March 2025

The first budget = A budget could be raised from 31 March 2025

### Process Timeline

#### Phase 1

***1st January – 31st January 2025***

Hard Fork:

* &#x20;29th January – HardFork Ratification

Budget:

* Budget proposal generated.

#### Phase 2

***1st February – 10th April 2025***

Constitution:

* New Constitution Action will be ratified & enacted
* Constitutional Committee engagement.
* 10th March - Dreps are required to vote on the Info Action

Budget:

* Presentation of consolidated budget proposal
* Community engagement sessions
* Live feedback and discussion
* Delegated Representatives review period
* Proposal refinement based on feedback
* Budget Info is released for DReps and ICC to review and vote on
* Committees will define the requirements for each budget line item
* DRep voting on treasury withdrawal limits
* Establishment of fiscal parameters

Procurement:

* March: The tendering process will open for suppliers to submit responses to RFPs; however, no contracts will be awarded until funds are released from the treasury. *(Note: Suppliers submit responses at their own risk.)*

#### Phase 3

***11th April – 30th June 2025***

Budget:

* Final proposal refinements
* On-chain submission preparation
* 15th April - 17th May: Community voting (requiring >51% DRep active stake approval)
* 23rd May - Final vote
* Implementation of approved allocations via treasury withdrawal

#### Phase 5

*1st July Onwards ->*

* Funds will be released, and contract awards will commence.

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