As Illinois higher education looks forward to a stronger state economy and subsequent improved state support, it is time to plan for the next recession. There have been five recessions in the past 35 years, but few higher education systems have been able to develop the processes and resources for weathering the storm. At risk are the quality of academic programs and the ideal of broad affordable access to opportunity. In April 2004, a select group of higher education leaders from Illinois and around the country met at Illinois State University to examine short- and long-term trends in funding and fundamental changes in public policy. They identified critical policy issues for further discussion and alternatives to simply weathering the next storm. This paper presents a summary of their presentations and discussions. (Contains 3 tables, 3 figures and 2 footnotes.) [Additional funding for this paper was provided by the Illinois Designated Account Purchase Program, a division of the Illinois Student Assistance Commission.]