This document summarizes Iowa's community college budgets for fiscal year 1998 (FY 98) and offers insight into the colleges' anticipated financial activities. The introduction describes the purpose of the report and provides an overview of the budgets. Tables show appropriations and revenues for both the unrestricted and the restricted general funds, highlighting the six primary types of revenues: (1) state aid; (2) tuition and fees; (3) local support; (4) federal aid; (5) sales and services; and (6) "other" income. Individual narratives from the fifteen Iowa community colleges are offered to help explain proposed 1998 budget data and highlight aspects of projected FY 1998 activities. The last section, conclusions and recommendations, includes the suggestion that due to reduced tuition and fee revenue caused by decreased enrollments, Iowa community colleges may be forced to increase student costs. Provides a glossary of terms. (YKH)