Feb 17, 2025 Budget Meeting Notes

Role	Name	Voting Member
Chair	Steven Lupien	Yes
Member	J.J. Siler (absent)	Yes
Member	Jose Velazquez	Yes
Member	Mercy	Yes
Member	Kriss Baird	Yes
Member	Kristijan Kowalsky	Yes
Member	Pepe (Jose Maria Francisco Otegui Alvarez)	Yes
Member	Rita Mistry	Yes
Member	Shunsuke Murasaki	Yes

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Attendees

• Voting Members Present:

  • Prof. Steven (Chair)

  • Mercy

  • Jose Velazquez

  • Kriss Baird

  • Kristijan Kowalsky

  • Pepe (Jose Maria Francisco Otegui Alvarez)

  • Rita Mistry

  • Shunsuke Murasaki

• Additional Participants / Observers:

  • Dave Dionisio (Observer)

  • Lawrence Clark (Observer)

  • Lloyd Duhon (Secretary)

  • Nicolas Cerny (Observer)

  • Terence (“Tex”) McCutcheon (Presenter - Intersect Committee Voting)

Absentees

• J.J. Siler (Voting Member)

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Agenda

1. Upcoming 2025 Elections: Presentation from Tex

2. Social Monitoring & Forum Feedback Updates

3. Working Group Updates (Tax, Treasury, Audit)

4. Discussion Items from Mercy

   • Process for Future Extraordinary Decisions

   • Rationale for Budget Allocations

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Summary

1. Upcoming 2025 Elections: Presentation from Tex

• Candidate Questions: Terence (“Tex”) McCutcheon outlined that each committee (including Budget) can submit up to three custom questions for prospective candidates.

  • These questions should focus on the specific expertise or perspectives the Budget Committee desires (e.g. finance, community engagement, governance, etc.).

  • Finalized questions are needed soon so they can be published before the candidate application window begins in March.

• Open Seats: Five Budget Committee seats are up for election in April 2025, following the initial bootstrap terms.

  • Incumbents whose seats expire may reapply; there are no reserved seats for any specific entity (e.g., CF, IOG).

  • Chair (Prof. Steven) noted that, by Wyoming law, he may participate in any committee as a board member ex officio—whether he officially holds a Budget Committee seat or not.

2. Social Monitoring & Forum Feedback Updates

• Budget Forum Threads:

  • Several proposals (e.g., Net Change Limit, Innovation Budget, Governance Support, Research, etc.) have active discussions. Some have minimal or purely clarifying feedback so far.

  • Community polls exist on X (Twitter) about pegging budgets to certain ADA price levels, but there is no clear consensus.

• Other Proposals Mentioned:

  • Tax Reduction Governance Action: Some community members discuss reducing the Treasury tax. This might impact the total treasury inflows, potentially prompting the DReps or Budget Committee to revisit the Net Change Limit if it significantly reduces overall funding.

  • Stablecoin Withdrawal Proposal: A separate community post suggests using a stablecoin mechanism to manage treasury holdings. The committee recalled a similar idea (“Investment Bucket”) was previously not adopted. Any new approach may require deeper analysis and DRep approval.

3. Working Group Updates

• Tax / Legal Working Group

  • Chris K. reported ongoing efforts to gather global membership data and identify potential tax consultancies. Some community members (e.g., Marlon, Red Circles) may assist.

  • A knowledge base or FAQ is being explored to capture essential tax info for Intersect.

• Audit Working Group

  • Jose V. has a draft Terms of Reference that needs formatting and circulation. Lawrence and others want to identify 3–4 prospective auditing firms, possibly including Harrison Foster.

  • Lawrence plans to meet with potential auditors during his Denver trip, providing any leads to the working group.

• Treasury Working Group

  • Lawrence noted it needs reorganization or additional participants. Chris B. suggested clarifying how it intersects with overall budget processes—some aspects of treasury management overlap with budget planning and contracting.

4. Discussion Items from Mercy

1. Process for Future Extraordinary Decisions

   • Mercy inquired about a formal path when new information emerges after a vote.

   • Prof. Steven clarified that under parliamentary procedure and Wyoming law, the standard method is a “motion to reconsider,” typically initiated by someone on the majority side of the original vote.

   • The committee agrees the existing bylaws and procedures for asynchronous voting and motions to reconsider cover these scenarios.

2. Rationale for Budget Allocations

   • Mercy raised concerns about how each major “bucket” was set and the level of readiness in certain committees (especially Growth & Marketing).

   • Several members echoed that while the “five-bucket” structure was a 2025 best-guess approach, some committees may need additional professional or community support to finalize workable budget proposals.

   • Takeaway: For 2026, the committee expects an earlier, more inclusive review process. For the current cycle, the Budget Committee will guide each committee to ensure they present enough detail for DReps, without directly overruling or “gatekeeping” those proposals.

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Action Items

1. Budget Committee Election Questions

   • Owner: All committee members

   • Deadline: Next week (to meet Intersect’s timeline)

   • Description: Propose up to three specific application questions aimed at clarifying what skills and perspectives the Budget Committee seeks in 2025 candidates.

2. Audit Working Group—Vendor Shortlist

   • Owner: Jose V. & Lawrence Clark

   • Deadline: Ongoing, next 4–6 weeks

   • Description: Finalize the Terms of Reference in a shareable format; collect 3–4 audit-firm proposals (including possibly Harrison Foster) and present them for review.

3. Tax Working Group—Consultancy Quotes

   • Owner: Chris K.

   • Deadline: Ongoing

   • Description: Assemble key tax data from Intersect membership countries; reach out to multiple consultancies for quotes and maintain knowledge base or FAQ.

4. Treasury Working Group Reorganization

   • Owner: Lawrence & Interested Volunteers

   • Deadline: Ongoing

   • Description: Recruit new members or consolidate with related efforts; clarify how treasury management aligns with the overall budget process.

5. Growth & Marketing Committee Support

   • Owner: Lawrence, Jack’s Comms Team

   • Deadline: March

   • Description: Provide additional professional marketing guidance. Ensure the Growth & Marketing budget proposal addresses structure, processes, and accountability before a final budget governance action.