Based on data provided by state directors of community/junior college education, this report reviews state approaches to community college financing. The report includes information from 41 states, representing 96.5% of the total community college enrollments in the country. Section I addresses state-level concerns in community college finance, indicating that the relative effectiveness of state-level agency activities is evaluated on the basis of how well the agency identifies resource needs, acquires the resources, allocates the resources, supervises the utilization of resources, and accounts for the use of resources. Section II provides brief summaries of the current financial situation in each responding state. Section III contains statistical data reflecting general trends and changes in sources of funds, expenditures per full-time equivalent (FTE) student, operating funds by source, capital outlay fund sources, and student fees. Finally, section IV analyzes trends and offers conclusions. (AYC)