The Illinois Board of Higher Education appointed a committee to study: (1) the development and the advantage and disadvantages of the present system of financing; (2) the financial systems of other states with highly developed public educational (community college) systems; (3) the major alternative schemes of financing for the future; and (4) recommendations as to specific changes in the present financial system. Presented is summary of Committee findings and recommendations. Included are: (1) a description of Illinois public community colleges; (2) a report on financing Illinois public community colleges, 1965 to 1976; (3) projections of community college costs and revenues through fiscal year 1980; (4) a plan for funding community college operations; and (5) a plan for funding community college capital improvements. (Author/KE)