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Update the rationale to remove outdated statements and reflect the current facts.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
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.
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