A study was conducted by the Illinois Community College Board to assess the economic impact of the state's public community colleges upon their local service districts. As part of the study, financial information concerning local businesses, local governments, faculty, staff, and students at six representative institutions were examined to determine: (1) the volume of college-related local business; (2) the value of business real property and business inventory committed to college-related business; (3) the expansion of the credit base at local banks resulting from college-related deposits; (4) the amount of college-related revenues received by local governments as measured, in part, by the tax contributions of college personnel; (5) the cost of public school and other municipal services allocable to college-related influences; (6) the number of local jobs attributable to the presence of the college; and (7) the amount of personal income generated for local individuals through college-related employment. The study report describes the economic model developed by Caffrey and Isaacs from which the seven variables were chosen, examines the methods and formulas used in computing dollar figures, and analyzes findings for each of the colleges. (JP)