Extracurricular activities are an important part of students' lives in small-town Montana. In 1994, the Montana state legislature cut its share of funding to public schools by 4 percent, raising concerns about what would be cut and whether extracurricular activities would be affected. A survey of 228 Montana school districts (47 percent of total) found that 88 had made no cuts, 89 had cut supplies and equipment, but only 17 had cut extracurricular activities. Activities most likely to be cut were basketball at the lower grades, cross-country, and track. Participation fees, fund raisers, booster clubs, and ticket sales provided extra revenue for some districts. The extent of school activities during the 5 years ended 1994-95 was examined for the 180 high schools that participated in competitions sanctioned by the Montana High School Association (MHSA). MHSA oversees 16 categories of competitive activities, including various sports for boys and girls and speech and drama. The availability of activities was somewhat a function of size and resources. The largest ("AA") schools all offered 13 of 16 categories of activities, while 78 percent of "A" schools offered at least 10 activities. Of the 99 smallest ("C") schools, 71 percent had consistently offered only 4 of the 16 MHSA possibilities. Class-B and Class-C schools frequently formed activity cooperatives to save on coaching and facility costs. Includes 15 data tables and 6 graphs. (SV)