Examines the economic effects of the 1991 recession on the inflation-adjusted current funds revenues of 470 public community colleges. Finds that, on average, public community colleges received less in governmental appropriations per student in 1994 than in 1989. However, total revenues per student increased, because institutions were able to generate more revenue from student tuition and fees and from governmental grants and contracts. (Contains 19 references.) (VWC)