The final report of the Committee on Priorities and Resources for the 1980's of Williams College, a small private liberal arts college, is presented. Certain assumed conditions--slower economic growth, higher inflation and energy and book costs, and lackluster securities performance--form the basic constraints for college finances. The recruiting picture is relatively clear, though problematic. The mission of the college remains relatively stable. The college position is assessed as currently strong, with a high application rate and competitive costs, and gains in overall financial strength. Recommendations for long-term change include: two-percent real tuition rise per year; endowment growth approximating inflation; addition of six full-time faculty to raise the student-faculty ratio to 12:1; reduction of nonacademic staff at 10 percent, through attrition; increased financial aid allocations; new capital funds of $4.5 million per year; no major new construction, but investment in renovation and energy conservation measures; and unchanged student body size (1,900). Faculty size and library are exempted from cuts. Budget reductions are recommended in athletics, student services, dining operations, academic support services, and general administration. Increased support is proposed for faculty and staff compensation, faculty and staff mobility and development programs, programs to increase student-faculty interaction and faculty collegiality, public relations efforts, and expanded computer capacity. (MSE)