June 16th, 2025 Budget Comm Minutes

Attendees:

Name	Role
Jose Velasquez	Former Voting Member
Kriss Baird	Voting Member, IOG, Catalyst
Kristijan Kowalsky	Voting Member, Tweag
Rita	Former Voting Member, Cardano Foundation.
Shunsuke Murasaki	Former Voting Member, Mentor, Emurgo
Mercy	Voting Member, WADA
Dimitri	Former Voting Member
J.J.	Former Voting Member, Mentor, IOG STaff
Nicolas Cerny	Observer, Cardano Foundation Staff
Marc Gorman	Program Manager Budget Task Force

Transcript: https://docs.google.com/document/d/1CVKrtA6IwC6vLQlPkS91vi-1poaO4SX28fMbZ7L4xJ0/edit?tab=t.ga500vo9n2t2

Agenda 1.16.25

Transition to Budget Withdrawal Operations: The committee confirmed the successful passing of the budget info action and is now focusing on the complex execution of 39 individual treasury withdrawals, including mainnet smart contract testing.

Committee Structure and Governance Reform: Discussions began on merging existing working groups, reforming the committee's terms of reference to clarify its scope, and exploring the implementation of spending horizon modeling.

External and Future Process Awareness: The committee addressed the need to monitor Utah's proposed constitutional changes and began planning for the 2026 budget process retrospective, including logistics for a hybrid event.

Decisions/Actions

Topic	Discussion	Action Items
Chair Induction	Chris Kowalsski was inducted as the new Budget Committee Chair, serving until the October elections. Megan Hess will then take over, with a new vice-chair election.
Budget Info Action Ratification Complete	The budget info action passed with 65% approval, just shy of the threshold needed for treasury withdrawals.
Budget Withdrawal Actions Tracking	The committee will begin tracking budget withdrawal actions, with an estimated due date of July 18th. 39 individual withdrawals will be processed directly into smart contracts.
CF Marketing Budget	Rita Mistry inquired about separating the CF marketing budget into its event and individual components.	Rita Mistry to contact Gemma Dawan or Taylor Dicks (cc Jack Briggs) regarding the separation of the CF marketing budget.
Smart Contract Deployment Update	Testing of the smart contract has progressed well. Mainnet testing, including a token donation to the Treasury, will commence today.
Merger of Working Groups	A motion to merge the Tax and Audit working group (absorbing the Treasury working group's responsibilities) and the Process Technology working group was tabled for later discussion.	The committee will revisit the motion to merge working groups after discussing the reformation of committee terms of reference.
Reformation of Committee Terms of Reference	The committee will review proposed changes to the charter and other governing documents, with a one-week deadline for feedback on the charter changes.	Committee members to review proposed changes to the charter and other governing documents in ClickUp and provide feedback within one week.
Intersect Oversight	The committee discussed the need for budgetary oversight of Intersect's spending and the potential for a formal process.	The committee agreed to coordinate with executives to schedule a time to present the proposed charter changes to the board.
Budget Process Retrospective Planning	Lloyd Duhon requested a meeting with Chris Baird and Rita Mistry to plan the budget process retrospective, with a potential date set for Wednesday.	Chris Baird, Rita Mistry, and Lloyd Duhon to meet on Wednesday to plan the budget process retrospective.
Utah's Proposed Constitutional Changes	Utah is planning to put a governance action on-chain by June 23rd with proposed changes to the constitution, including the removal of budget discussions and the addition of a unitary executive.	Committee members to review Utah's proposed constitutional changes and provide feedback, particularly regarding its impact on the budget process.
Japanese Community Engagement	Shunsuke Murasaki reported on efforts to educate the Japanese community on the importance of delegation and the budget process.
Vendor Relationships	The committee briefly discussed the relationship between Intersect and vendors, and the need to manage contracts effectively.
Financial Audit for 2024	The committee briefly discussed the financial audit for 2024.