entergy new orleans , inc .and subsidiaries management 2019s financial discussion and analysis entergy new orleans 2019s receivables from the money pool were as follows as of december 31 for each of the following years. .
[['2016', '2015', '2014', '2013'], ['( in thousands )', '( in thousands )', '( in thousands )', '( in thousands )'], ['$ 14215', '$ 15794', '$ 442', '$ 4737']]
see note 4 to the financial statements for a description of the money pool .entergy new orleans has a credit facility in the amount of $ 25 million scheduled to expire in november 2018 .the credit facility allows entergy new orleans to issue letters of credit against $ 10 million of the borrowing capacity of the facility .as of december 31 , 2016 , there were no cash borrowings and a $ 0.8 million letter of credit was outstanding under the facility .in addition , entergy new orleans is a party to an uncommitted letter of credit facility as a means to post collateral to support its obligations under miso .as of december 31 , 2016 , a $ 6.2 million letter of credit was outstanding under entergy new orleans 2019s letter of credit facility .see note 4 to the financial statements for additional discussion of the credit facilities .entergy new orleans obtained authorization from the ferc through october 2017 for short-term borrowings not to exceed an aggregate amount of $ 100 million at any time outstanding .see note 4 to the financial statements for further discussion of entergy new orleans 2019s short-term borrowing limits .the long-term securities issuances of entergy new orleans are limited to amounts authorized by the city council , and the current authorization extends through june 2018 .state and local rate regulation the rates that entergy new orleans charges for electricity and natural gas significantly influence its financial position , results of operations , and liquidity .entergy new orleans is regulated and the rates charged to its customers are determined in regulatory proceedings .a governmental agency , the city council , is primarily responsible for approval of the rates charged to customers .retail rates see 201calgiers asset transfer 201d below for discussion of the transfer from entergy louisiana to entergy new orleans of certain assets that serve algiers customers .in march 2013 , entergy louisiana filed a rate case for the algiers area , which is in new orleans and is regulated by the city council .entergy louisiana requested a rate increase of $ 13 million over three years , including a 10.4% ( 10.4 % ) return on common equity and a formula rate plan mechanism identical to its lpsc request .in january 2014 the city council advisors filed direct testimony recommending a rate increase of $ 5.56 million over three years , including an 8.13% ( 8.13 % ) return on common equity .in june 2014 the city council unanimously approved a settlement that includes the following : 2022 a $ 9.3 million base rate revenue increase to be phased in on a levelized basis over four years ; 2022 recovery of an additional $ 853 thousand annually through a miso recovery rider ; and 2022 the adoption of a four-year formula rate plan requiring the filing of annual evaluation reports in may of each year , commencing may 2015 , with resulting rates being implemented in october of each year .the formula rate plan includes a midpoint target authorized return on common equity of 9.95% ( 9.95 % ) with a +/- 40 basis point bandwidth .the rate increase was effective with bills rendered on and after the first billing cycle of july 2014 .additional compliance filings were made with the city council in october 2014 for approval of the form of certain rate riders , including among others , a ninemile 6 non-fuel cost recovery interim rider , allowing for contemporaneous recovery of capacity .

Question: what is the maximum target authorized return on common equity under the formula rate plan?
Answer: 10.35