This paper addresses issues of concern to trustees of public, single-campus four-year institutions of higher education. Seven critical issues are listed: (1) enrollment trends are changing--although overall enrollment is increasing, the rate of growth is declining and there has been a shift from four-year and graduate institutions to two-year institutions; (2) college and university costs have outpaced revenues and there has been a reduction in constant dollars in institutional revenues; (3) the financial aid structure has changed, with loans now accounting for more than half of total student financial aid; (4) there is increased regulation of higher education by government and institutions are generally expected to absorb the increased cost imposed by such legislation; (5) the physical plant of colleges and universities is deteriorating, with half rating rehabilitation needs as urgent; (6) public colleges and universities must increasingly look to private, external fund raising to meet mounting financial pressures; (7) technology is also increasing the cost of education; and (8) institutions are increasingly involved in international activities, driven both by economic and social forces. A second section of the paper sets out an agenda for a later seminar. (Contains 12 references.) (CH)