The final report of the Study Committee on Public Higher Education Finance in Georgia is presented. An introductory section reviews factors that influence the need for funding for colleges, including demographic trends, economic trends, broad educational trends, and the situation of the Georgia University System. The Committee's recommendations concern funding of the university system, including who should pay, how much funding is needed, how to calculate funding requirements, and how to create financial incentives to provide a quality university system. Specific recommendations concern: a tuition and fee policy, budget lapse, indirect cost recovery, cost savings opportunities, declining enrollment, adequacy of funding for the university system, and student access to higher education. Proposals are made for an overall funding system, including mathematical formula components, provisions for responding to funding needs outside the formula, and a series of operating procedures. The formula has categories for instruction and research, public service, academic support, student services and institutional support, and plant operation and maintenance. Tables and figures are provided. (SW)