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City of Lino Lakes, Minnesota <br />Management Report, Page 35 <br />GAS UTIL.1TY FUND <br />Portions of the City of Lino Lakes have gas service through a franchise agreement between the <br />City of Circle Pines and the City of Lino Lakes. The City of Circle Pines operates the gas 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 />1992 1993 <br />Residential and Commercial Revenue $292,903 @ 7% = $20,503 $400,038 @ 7% = $28,003 <br />Interruptible Service 126,267 @ 3% = 3,788 125,360 @ 3% = 3,761 <br />Total , $419,170 . 24,291 > $525,398 < 31,764 <br />Remitted by Circle Pines <br />Difference <br />24.267 31,675 <br />$24 $89 <br />The above differences relate to bad debts within the City of Lino Lakes. The franchise <br />agreement allows for adjustment from gross revenue of net bad debts. The City of Lino Lakes had <br />bad debts of approximately $515 in 1992 and $1,257 in 1993. <br />