In 1999, the Maryland Higher Education Commission adopted a set of operating funding guidelines for four-year public institutions based on per-student funding at peer institutions. These guidelines are used to inform the budget process and to assess levels of state support for four-year public higher education institutions. The guidelines use an adjusted full-time equivalent student enrollment to calculate the resources that determine the level of state funding. This report summarizes the methodology used to determine the adjusted full-time equivalent student enrollment estimates. The report also provides actual and projected enrollment estimates for 5 fiscal years. These estimates, which are based on the Commissions annual enrollment projections, include on formula for most state institutions and specific formulas for: the University of Baltimore; the University of Maryland, Baltimore; the University of Maryland University College; and University of Maryland, College Park. An appendix presents the higher education operating funding guidelines. (SLD)