Five papers are presented from a legislative seminar on budgeting for higher education and the legislative oversight process. In "Budgeting: A University Perspective," Jack K. Williams addresses the preparation of an institutional budget, what legislators should know about budgets, plans for no-growth or retrenchment, and the importance of formula systems. In "Budgeting: Views of a State Higher Education Director," James M. Furman discusses the declining share of state revenue for education, the changing enrollment picture, and the need for statewide coordination. In "Budgeting: Perspectives from a State Executive," Wayne F. McGown discusses the executive and higher education budgets, policy decisions, formulas in budgeting, budget contracts, budgeting trends, and collective bargaining's impact on budgeting. In "State Control and Programs for Higher Education," Lyman A. Glenny examines trends in higher education at the state and federal level, a survey of college presidents, and the institutions' role. In "Legislative Oversight: A Former Legislator's View," Marshall S. Harris defines and describes a system for legislative oversight and policy. (SW)