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

• Delayed start due to delay with treasury withdrawal

• FX conversion plan has been discussed

• Lawrence is closing out KYB to onboard Cardano Development Holdings onto custodian

• 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

Lawrence noted that a Tax working group would be required

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

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