June 20th, 2025 Budget Comm Minutes

Attendees:

Name	Role
Kristijan Kowalsky	Voting Member, Tweag
Kriss Baird	Voting Member, IOG, Catalyst
Megan Hess	Voting Member
Jose Velasquez	Voting Member
Phil Lewis
Lloyd Duhon	Budget Secretary
Gerard Moroney	Board Member, IOG Staff, Budget Task Force
Marc Gorman	Program Manager Budget Task Force

Transcript: https://docs.google.com/document/d/15x-Ku_yrD5rnIv9Oj-hfXDKbreN_sbDCYDe5i77D-OY/edit?tab=t.1b9w0e2flhq3

Agenda 1.16.25

• Updated Treasury Disbursement Timeline: The task force reviewed the refined timeline for treasury action submission and fund disbursements, emphasizing the critical dates leading into August.

• Operationalizing Smart Contract Disbursements: Discussions focused on the "happy path" for fund flow, the status of vendor contracts, and the committee's role in reviewing upcoming treasury actions for compliance.

• Committee Governance and Future Planning: The meeting addressed the reformation of the committee's governing documents, including proposed changes to the charter, and initiated planning for the 2026 budget retrospective.

Decisions/Actions

Topic	Discussion	Action Items
Attendees & Quorum	Lloyd Duhon welcomed attendees, including Budget Committee members Chris K, Chris B, Megan Hess, Jose V, and ISC member Phil Lewis. Quorum was confirmed.
Budget Ratification Timeline Update	Mark Gorman provided an updated timeline for budget ratification: board meeting on June 25th, likely treasury action submission on July 3rd, earliest disbursement on July 13th, with final disbursement possibly by August 7th.
Smart Contract Fund Disbursement	Gerard Moroney clarified that funds will go into the smart contract, but vendor contracts must be signed for disbursement. The ideal "happy path" is to have all terms and milestones agreed upon before the treasury action for immediate disbursement after approval.
Vendor Contract Status	Lloyd Duhon reported that the Treasury Oversight Committee is making good progress on vendor MSAs, with only a few remaining. Funds can sit in the on-chain smart contract until physical contracts are finalized.
Second Round of Proposals	The possibility of a second round of proposals for unfunded projects was discussed. While technically possible, the appetite for it is uncertain. Proposers could reapply with changes if the budget was approved at 65%.
Committee Review of Treasury Actions	Gerard Moroney stressed the importance of the committee reviewing the proposed treasury actions for constitutional compliance, once they are available from Ryan via GitHub.	Lloyd Duhon to follow up on the GitHub link for treasury actions. <br> Committee members to review proposed treasury actions once available.
Support for Retrospective Planning	Lloyd Duhon requested support for the retrospective process. Gerard Moroney suggested he would speak to the committee next week to offer ideas and assistance.	Gerard Moroney to discuss retrospective ideas with the committee next week.
Milestone Changes for Vendors	Jose V inquired about milestone changes. Chris Baird clarified that proposals have directly translated into milestones, with only minor formatting changes. Milestones are being submitted to Intersect for smart contracts.
GitHub Repository for Actions	Chris Baird inquired about the GitHub repository for actions. Lloyd Duhon confirmed it's in progress for technical validation and anticipated availability by Monday/Tuesday, pending updates from Ryan.
Reformation of Committee's Terms of Reference (ToR)	Lloyd Duhon introduced the agenda item for reforming the committee's ToR, including suggested changes to the charter and other governing documents, linked in ClickUp. This is for discussion and feedback by next Monday.	Committee members to review changes to the charter and other governing documents in ClickUp before Monday's meeting.
Scope of Financial Oversight	Chris Baird suggested adding a bullet point to the ToR to allow the committee to request financial reporting from "the administrator" (rather than specifically "Intersect"), to account for potential other administrators. Gerard Moroney clarified that the committee's authority is limited to Intersect's remit.	Committee to consider the wording of the ToR regarding financial oversight, ensuring it aligns with the committee's mandated scope.
Coordination with Executive Board	The committee determined that presenting ToR changes to the board requires coordination with executives.	Lloyd Duhon to note that the committee will coordinate with executives to schedule a time to present ToR changes to the board.
"Spending the Horizon" Modeling	Demitri expressed strong support for adding "spending the horizon" modeling to the ToR. Kristijan Kowalsski suggested that initial modeling could be done internally via Excel, with more advanced tooling (dashboards, projections) potentially sourced from Intersect or Open Source Committee grants in 2026.	Committee to discuss how to implement "spending the horizon" modeling, potentially starting manually for initial demonstration.
Community Engagement Document Review	Lloyd Duhon highlighted the "Community Engagement" governing document needs review, as its original budget and staffing have been removed.	Committee members to prioritize review of the "Community Engagement" governing document for reformation.