Jan 20, 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

Summary

The meeting focused on several key topics, including budget approval, net change limit implementation, and audit working group terms of reference. Lawrence Clark and Lloyd Duhon led the discussion, with Lawrence Clark presenting the budget proposal of an estimated 200 million ADA, down from an initial 258 million due to market fluctuations. The committee approved a net change limit of 350 million ADA for 2025. The audit working group’s terms of reference were discussed, particularly concerning the selection of auditing firms and the scope of work.

The meeting also addressed the transition of committee members, particularly regarding Rita's sabbatical and Andreas's replacement. Several committee members raised essential points about regional representation in funding allocations and the need for clear communication about budget processes.

The meeting concluded with discussions about upcoming governance action timelines and communication plans.

Committee Roll Call and Member Transition Discussion

Lawrence Clark initiated the meeting, confirming attendance and discussing the transition of committee members. Notably, there was discussion about Rita's upcoming sabbatical and Andreas Pletscher's replacement. Rita confirmed the dates of her sabbatical in March and April. The committee discussed how best to proceed with replacing Rita as a voting member of the committee. The committee agreed to progress with a vote to allow Andreas Pletscher to stand in for Rita during this period.

Motion taken by unanimous decision for Andreas Pletscher to stand in for Rita during the period of her sabbatical

Net Change Limit Approval

The committee reviewed and approved the net change limit of 350 million ADA for 2025. Lawrence Clark presented the wording for the governance action, explaining that this limit would remain in place until another was approved. The committee conducted a vote, achieving a majority approval despite some members being absent.

Motion taken by unanimous decision to progress with the wording and value associated with the Net Change Limit.

Budget Proposal Discussion

Lawrence Clark presented the budget proposal, explaining that it had grown to 40 pages and included detailed sections about Intersect and Cardano Development Holdings. The proposed budget was 200 million ADA, down from 258 million due to market fluctuations. Committee members provided feedback on various aspects, including regional representation and membership support.

Access to the file was shared with the Budget Committee for review.

Audit Working Group Terms of Reference

Lloyd Duhon presented the terms of reference for the audit working group, which will oversee the development and execution of audit processes for the 2025 budget. The discussion included potential auditing firms, with members suggesting both big four firms and smaller, more flexible options. The committee discussed the scope of work, including financial, compliance, and blockchain-specific audits. The committee was asked to vote to confirm that it should be the Budget Committee proposing auditors to the DReps.

Motion taken by unanimous decision for the audit working group to define and select audit companies. A Goverannce Action should be used to get approval from CC/DReps.

Any Other Business and Next Steps

The meeting concluded with discussions about upcoming communication plans, governance action timelines, and the publication of various documents. The committee agreed to review the audit terms of the reference document and provide feedback before the next meeting.

Decisions/Action Items

Lawrence Clark to finalize and share the budget proposal document by Wednesday morning.

Lloyd Duhon to release the audit working group terms of reference document for review.

Committee members to review and provide feedback on the budget proposal document.

Lawrence Clark to incorporate feedback about staking restrictions into the budget proposal.

Lloyd Duhon to publish the governance action timeline document by today or tomorrow.

Motion taken by unanimous decision for Andreas Pletscher to stand in for Rita during the period of her sabbatical.

Motion taken by unanimous decision for the audit working group to define and select audit companies. A Goverannce Action should be used to get approval from CC/DReps.

Motion taken by unanimous decision to progress with the wording and value associated with the Net Change Limit.