Line voltage is 116 not 120 why?

that is fairly common and should not be a problem

As Philjolet posted, not uncommon at all. I've seen homes with 112 at the outlet and others at 129.

My home is 121.7, so pretty close to what it should be. I would not worry, the real problems come with very low and very high voltage.

Two years ago we had a transformer fail in the alley and we were getting about 68 volts for almost a day, until I figured out what was going on and called TXU Electric.

We lost our clothes dryer, microwave and later the refrigerator due to "brown out."

The standard is 120V nominal + or -5%. In other words it can vary from 114V to 126V. I would love to have 116 in winter,I have 125V most of the time unless its hot summer with a lot of air conditioning going.Most of your lights and other stuff will last longer.Refrigeration and other equipment might like 120 better.Its within limits,but if you live in an all electric area,the voltage may drop more when its cold and the electric heat puts a heavy load on.I have 115v in the summer,and the a/c runs a lot.I don't think it will bother most audio gear.You could complain,then they may put a recorder on,and correct it.Or they may turn the regulator up to 125V. Then your bill may go up,plus shorter light bulb life and some electronics may run warmer.Its hard to say,but in the summer,if your area gets hot a lot,it may drop lower yet,then I would complain.It would be nice to have 120 all the time.I'm not an electrician,but that's my opinion.