Jan 27, 2025 Budget Meeting notes

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

Roll Call

Lawrence Clark, Lloyd Duhon, Jose Maria Francisco Otegui Alvarez, Jose Velazquez, Mercy, Rita Mistry, Shunsuke Murasaki, Kristijan Kowalsky, Kriss Baird, Nicolas Cerny

Report

Lawrence Clark reported that the proposal was sent out last week with staggered distribution to control feedback.

Lloyd Duhon clarified three functions within intersect MBO that need to remain private for regulatory concerns: Security Council, Treasury working group, and Membership council.

Rita Mistry expressed concerns about the numbers in the proposal and requested more consolidated information.

Lawrence Clark discussed the marketing committee budget reduction from 45 million ADA to 8 million ADA.

Jose Velazquez raised concerns about double funding and committee collaboration.

Lloyd Duhon explained the process for establishing the marketing committee with representatives from Emergo, IOG, CF, and community seats.

Summary

In this meeting, the primary focus was on discussing the budget proposal and its various components. Lawrence Clark led the discussion, presenting version 0.1 of the budget proposal and seeking approval to lock it down for further revisions. Key topics included the handling of sensitive financial information, particularly regarding treasury operations and committee budgets. Rita Mistry expressed concerns about the clarity of financial numbers, while Mercy raised questions about the marketing committee's budget request. The committee discussed measures to prevent 'double dipping' in funding requests and addressed concerns about the establishment of the marketing committee. The meeting concluded with an agreement to lock down version 0.1 of the proposal and work towards creating version 0.2 with additional details and revisions.

Initial Proposal Discussion and Approval Process

Lawrence Clark opened the meeting by discussing the agenda and proposal version 0.1. He sought approval from the board to lock down the current version, enabling updates to be made based on feedback received. The committee members expressed their agreement with this approach.

Motion taken by unanimous decision for the draft budget proposal to be moved from version 0.1 to version 0.2 (including separating into two documents)

Discussion on Sensitive Financial Operations

Lawrence Clark explained the handling of withdrawal funds and conversion of ADA into fiat, emphasizing that these operations would remain confidential and managed by the treasury team to avoid insider trading issues. Lloyd Duhon supported this approach, highlighting the need for regulatory compliance.

Attendees acknowledged the risk of insider trading but wanted to ensure that transparency was maintained after the event.

Budget Proposal Review and Concerns

Rita Mistry raised concerns about the clarity of financial numbers in the proposal, expressing discomfort with signing off on the document without further review. The committee discussed the need for better consolidation of financial data and coordination among committees.

Jose Velazquez raised concerns about double funding and committee collaboration. Jose saw this as a challenge that needed to be resolved. Lawrence noted that the sheet is open to all to review and sought feedback from all should they see any duplication in the file.

Action on Lawrence Clark to work with the finance team and committees to get a more detailed view of the budget numbers.

Marketing Committee Budget Discussion

The committee discussed the establishment of the marketing committee and its budget request. Concerns were raised about the committee's current lack of structure and the appropriateness of approving a budget before formal establishment. Lawrence Clark explained the process of reducing their initial budget request from 45 million ADA to 8 million ADA.

Decisions and Action Items

Motion taken by unanimous decision for the draft budget proposal to be moved from version 0.1 to version 0.2 (including separating into two documents)

Lawrence Clark to review and update financial numbers with Rita Mistry and the team

Committee members to review the marketing committee's budget proposal and provide feedback