After trailing the national average for five years, funding per student at public colleges and universities in Wisconsin overtook it in 2021. State and local tax and tuition funding per student dropped nationally after adjusting for inflation and rose in Wisconsin, though it remains lower for four-year campuses in Wisconsin. The state's colleges have shed students at an alarming rate, leaving their future and that of Wisconsin's workforce murky. The funding and enrollment data are published by the State Higher Education Executive Officers Association (SHEEO) and were used in "Falling Behind? The State of Wisconsin's Public Colleges and Universities" (ED612810), examining challenges to state higher education institutions. This brief updates key data from that report and looks at the issues facing the University of Wisconsin System and Wisconsin Technical College System (WTCS) as lawmakers draft the 2023-25 state budget. The SHEEO data presented in this brief look at tax and tuition funding used for operations and exclude revenues used for capital projects and debt payments, research, medical education, hospitals, and financial aid and tuition discounts.