The completion agenda is the dominant theme in higher education policy in the United States today, and one of the primary strategies advocated in the agenda is performance funding in budgeting for public institutions. Illinois is one example of a state that has attempted to implement performance funding as a means of directing the behavior of public institutions toward meeting state goals. This study explores lessons and limitations found in performance funding implementation in Illinois through the lens of Rubin’s model of the determinants of budgeting including the roles of environment, budget processes, and the strategies of individuals involved.