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City of Lino Lakes, Minnesota <br />Management Report, Page 41 <br />GAS UTILITY FUND <br />Portions of the City of Lino Lakes have gas service through a franchise agreement between <br />the City of Circle Pines and the City of Lino Lakes. The City of Circle Pines operates the gas <br />utility. <br />We have reviewed the initial distribution of gas franchise profits received by the City of Lino <br />Lakes under the terms of the franchise agreement. The revenue was calculated on the following <br />basis: <br />1995 1996 <br />Residential and Commercial Revenue $388,417 @ 7% = S27,189 $528,030 @ 7% = S36,962 <br />Interruptible Service 109,892 @ 3% = 3,297 158,455 @ 3% = 4,754 <br />Total S498,309 30,486 $686,485 41,716 <br />Remitted by Circle Pines <br />Difference <br />30,486 41,726 <br />SO $10 <br />The franchise agreement allows for adjustment from gross revenue of net bad debts. The City <br />of Lino Lakes had bad debts of $1,830 in 1995 and $850 in 1996. <br />