This report by the New York State Comptroller states that the state is currently making decisions regarding higher education based on short-term fiscal and political concerns rather than basing such decisions on long-range strategic plans founded on carefully deliberated policies. Specifically, New York has been without a comprehensive review of higher education policies for the last quarter century, that the state's investment in higher education ($3.7 billion annually) is not being effectively managed, that the state's higher education governance and planning structure does not work, and that higher education too often is the target of budget cuts because the effects of such cuts are not immediately visible. Recommendations urge a comprehensive reevaluation of state policies and reform of the permanent governance system for higher education. Such reform would involve establishment of a new higher education coordinating board, and a revised appointment procedure for trustees of public university systems. Attached supporting information includes an historical review of higher education studies; facts and figures; data on the economic impact of higher education; and information on the College Choice Savings Program. (DB)