California's higher education systems are entering an era of fiscal uncertainty as the population of young people is projected to stagnate or decline in the coming decade. As the state looks to turn the page after the pandemic and establish a more stable funding model, significant challenges lie ahead in the near term. To inform future policies, this report examines higher education funding sources, analyzing revenue trends over the past decade to add historical context, and comparing the state's funding model with other large states. The report discusses the rising trend in tuition reliance, especially for University of California (UC), and outlines the variations in state funding policies and practices between the UC, California State University (CSU), and California Community Colleges (CCC) systems, followed by a discussion of federal funding. Policy recommendations are provided, including offering varying cost models which could help California reach its goals of a more educated populace, a thriving economy, and improved economic mobility.