The report, commissioned by Mendip District Council and the festival organisers, also collected information from local businesses.
Harvey Siggs, Conservative leader of Mendip District Council, said it expected a 25% reduction in funding over four years.
As a teenager she started exploring the limestone caves in the Mendip Hills near her home in Bristol, England.
The two-day Tour of Bristol held on 9 and 10 April saw riders tackle a challenging course in the Mendip Hills.
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He said Mendip District Council had only put a notice in the reception of its offices, and nowhere else in the area.
Mendip District Council's cabinet will discuss the proposals at a meeting later.
The full report can be viewed on Mendip District Council's website.
Mendip District Council said 3, 256 of the 15, 945 people claiming the 25% discount were reviewed and as a result 645 had their discount removed.
The figure was found last February by metal detector enthusiasts last in Burrington, North Somerset, near the Roman lead mines on the Mendip Hills.
"We hope to continue carrying out these reviews so that Mendip residents get this discount where they are eligible for it, " the council spokeswoman added.
The project - called The Sentinel - will then need to be considered by Mendip District Council, which will decide if Mr Higgins can go ahead.
After a series of public consultations National Grid said a stretch of five miles in the Mendip Hills area of outstanding national beauty would be put underground.
The council said two companies were applying to Mendip district council for permission to test drill for the gas, which is found in shale formed from deposits of mud, silt, clay and organic matter.
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