# January 5th, 2026 Budget Comm Minutes ## **udget Committee Weekly Meeting — January 5th, 2026** **Date:** January 5, 2026\ **Time:** 07:57 EST\ **Attendees:** Colleen O’Beirne, Georgia Hutton, Kristijan Kowalsky, Lloyd Duhon, Megan Hess, Nicolas Cerny, Otávio Lima, Rita Mistry, Simo Simovic, Dimitri (Dynamic Strategies) **Quorum:** Confirmed (Chair + voting members present) *** ### **1. Opening and Welcome Back** * Lloyd opened the first Budget Committee meeting of 2026 and welcomed attendees back from the holidays. * Brief informal check-in on holiday activities and governance work conducted over the break. * Roll call confirmed attendance including: * **Chair:** Megan Hess * **Voting members present:** Dimitri, Rita Mistry, Nicolas Cerny, Kristijan Kowalsky * **Support / staff:** Simo Simovic (PM), Lloyd Duhon (Secretary) * **Guests:** Colleen O’Beirne (CF), Georgia Hutton (Intersect) *** ### **2. Primary Topic: 2026–27 Net Change Limit (NCL)** #### **2.1 Status and Risk of Delay** * Lloyd emphasized the urgency: any significant delay risks a period with **no NCL in effect**, which would halt Treasury withdrawals. * The NCL draft has been publicly shared (via X and GovTool forum), but: * **No substantive community feedback** was received during the holiday period. * Lloyd noted the NCL has: * **Board approval** (confirmed as received prior to the holiday break). * Admin readiness: **Ryan and Elena are prepared** to proceed when the committee is ready. #### **2.2 Current Socialization Approach** * Simo reiterated the original plan: * Publish to GovTool forum for feedback, then submit on-chain as an Info Action. * The committee agreed the lack of feedback is likely due to timing and holiday activity, not necessarily a signal of objection. *** ### **3. Edits to Strengthen Constitutional Read and Rationale** #### **3.1 Abstract Revision: NCL Applies to Treasury Withdrawals Only (Nico)** * Nico flagged a constitutional interpretation issue: * The abstract sentence stating NCL applies to **both Budget Actions and Treasury Withdrawals** is likely incorrect. * From Nico’s constitutional perspective, **NCL governs Treasury withdrawals**, not budgets. * Action agreed: * Remove/adjust that sentence to apply **only to Treasury withdrawals**. * Nico offered to make the edit directly in the working Google Doc. #### **3.2 Rationale Updates: “Unused 2025 NCL” No Longer Accurate (Nico)** * Nico noted the rationale still references unused 2025 NCL amounts. * With the **Critical Integrations budget** approved, the “unused” balance is now materially different (approx. **1–2M ADA** remaining, per Nico). * Committee direction: * Update the rationale to remove outdated statements and reflect the current facts. #### **3.3 Replace Forecasts with Actual Collections (Dimitri + Lloyd)** * Nico requested Dimitri update the inflow figures: * It is now 2026, so the committee can state **actual 2025 inflows**, not forecasts. * Dimitri agreed: * NCL should be grounded in **historic collections**, while forecasts can remain for education/long-term context. * Lloyd reinforced the strategic intent: * The 18-month structure enables future NCLs to be **fully backward-looking** (e.g., 2027 NCL based on 2026 inflows). #### **3.4 Supporting Attachments** * Simo suggested including Dimitri’s calculations/forecasting material as supporting documentation (PDF available; IPFS not yet referenced in transcript). * Lloyd indicated he can update the GovTool forum version directly as edits are finalized. *** ### **4. Decision: Additional Socialization via X Space Before On-Chain Submission** #### **4.1 Proposed Path Forward** Dimitri recommended holding a short X Space prior to submission, to demonstrate: * Continued openness to feedback, and * Minimal governance friction (no real delay). Lloyd proposed a decision today with a tight timeline: * Finalize text edits and rationale updates in the next 1–2 days. * Host an **X Space on Wednesday**. * Submit on-chain by **Friday**, if no blocking issues arise. #### **4.2 Agreement** * The committee agreed: * The **Wednesday working session** will be converted into an **NCL-focused X Space**. * Lloyd will schedule the Space to allow reminders. * Chris K raised concern about low participation and suggested: * Consider an “East” and “West” friendly session if possible. * General agreement: even if turnout is light, the Space serves as “crossing the t’s and dotting the i’s” before submission. #### **4.3 Comms Support** * Simo will be out Wednesday (Serbian Christmas holiday). * Lloyd will: * Schedule and announce the Space via Budget Committee account and personal channels. * Ask Intersect to repost from the main account. * Committee members (Nico, Christian, etc.) are asked to help amplify. *** ### **5. Next Topic Teed Up: Budget Process Info Action (BPIA)** * Lloyd stated the committee must move immediately from NCL finalization into finalizing the **Budget Process Info Action**. * Chris K asked whether Product’s Vision/Strategy is a blocker. * Lloyd clarified: * Vision/Roadmap is needed to launch the **budget process**, but not required to ratify the **process framework itself**. * The BPIA is intended to be stable year-to-year, with changes handled via addendum if needed. Simo shared the current BPIA link for committee review (referenced during the meeting). *** ### **6. Action Items** | Action | Owner | Notes | | -------------------------------------------------------------------------------------------------------------------- | ------------------------- | ------------------------------------------------------------------- | | Remove/adjust abstract language so NCL is framed as applying to Treasury withdrawals (not budgets) | Nico + Lloyd | Nico to suggest edits in doc; Lloyd to update GovTool forum version | | Update rationale to remove outdated “unused 2025 NCL” framing and reflect current post-critical-integrations reality | Lloyd + Nico | Ensure factual accuracy for socialization and on-chain record | | Replace “projected 2025 inflows” with actual 2025 collections | Dimitri | Provide precise figures for the rationale (historic-based) | | Confirm constitutional read / final check | Thomas + Nico + Christian | Thomas was on vacation; Lloyd to follow up today | | Schedule and promote Wednesday NCL X Space | Lloyd | Simo unavailable Wednesday; ask Intersect and members to amplify | | Submit NCL on-chain by Friday (if edits complete) | Lloyd + Simo | Dependent on final text/rationale updates and constitutional pass | | Begin deeper work on Budget Process Info Action after NCL submission | Committee | Next major deliverable after NCL | *** ### **7. Adjournment** * Lloyd thanked the committee for showing up on the first workday back in 2026. * Confirmed next steps: * Focus the remainder of current week on NCL text updates. * Host the NCL socialization X Space Wednesday. * Target on-chain submission Friday. * Meeting adjourned at approximately **00:32:16**. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://committees.docs.intersectmbo.org/intersect-budget-committee/committee-meeting-notes/2026-meeting-notes/budget-committee-weekly-meetings/january-5th-2026-budget-comm-minutes.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. 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