Federal, state, local, and institutional perspectives on the financial future of Maryland's community colleges are presented in this conference proceedings. In the first section, spokesmen from the Brookings Institution examine "Federalism--Old and New." James Sundquist discusses President Reagan's "New Federalism" and its implications for educational finance, and David Breneman discusses the direct role of the federal government in financing community colleges. In the next section, two state legislators consider higher education funding priorities for Maryland. Laurence Levitan discusses the role of the state legislature in community college funding, and Nancy Kopp highlights problems of maintaining the quality of institutions and programs in the context of declining resources. Next, program and budget priorities at the local level are addressed by: (1) Bruce Talley, who reviews implications of the New Federalism; (2) J. Hugh Nichols, who presents a proposal for college funding through a national loan fund; (3) George Grier, who discusses local political considerations affecting college funding; and (4) Barry Teach, who describes state budgeting practices and their impact on community colleges. Finally, Glennon L. DeRoy, Robert E. Parilla, and Benita Mackie present institutional perspectives on community colleges' response to the financial challenges posed by declining resources and funding changes. (HB)