Noosa Council Annual Report 24/25

Noosa Council                                                                                                                         Noosa Council
Notes to the Financial Statements                                                                                                     Notes to the Financial Statements
for the year ended 30 June 2025                                                                                                       for the year ended 30 June 2025

Note 3. Revenue (continued)                                                                                                           Note 3. Revenue (continued)
§Note/Subtotal§




(c) Sales Revenue                                                                                                                     Donations and Contributions
                                                                                                                                      Where assets are donated or purchased for significantly below fair value, the revenue is recognised when the asset is acquired
Sale of goods revenue is recognised at the point in time when the customer obtains control of the goods. Revenue from                 and controlled by the Council.
services is recognised when the service is rendered.
                                                                                                                                      Donations and contributions are generally recognised on receipt of the asset since there are no enforceable performance
Where consideration is received for the service in advance it is included in other liabilities and is recognised as revenue in the    obligations.
period when the service is performed. The contract work carried out is not subject to retentions.
                                                                                                                                      Physical assets contributed to Council by developers in the form of road works, stormwater, land, infrastructure and park
$ '000                                                                                                 2025                2024       equipment are recognised as revenue when Council obtains control of the asset and there is sufficient data in the form of
                                                                                                                                      drawings and plans to determine the approximate specifications and values of such assets. Non-cash contributions with a
Rendering of Services                                                                                                                 value in excess of the recognition thresholds are recognised as non-current assets. Those below the thresholds are recorded
Contract and Recoverable Works                                                                            27                 27       as expenses.
Waste Management Charges                                                                               6,105              6,268       §Subnote§




Venue Hire                                                                                               559                469       $ '000                                                                                                                  2025                 2024
Holiday Parks Fees and Charges                                                                         4,622              4,651
                                                                                                                                      (i) Operating
Learn to Swim                                                                                            816                800
Admission Fees                                                                                         2,239              1,819       General Purpose Grants *                                                                                               2,576                  102
Total Sale of Services                                                                                14,368             14,034
                                                                                                                                      State Government Subsidies and Grants                                                                                  1,739                1,784
Sale of Goods                                                                                                                         Commonwealth Government Subsidies and Grants                                                                           2,583                2,636




                                                                                                                                                                                                                                                                                             Noosa Council Annual Report 24/25
Sale of Recyclables                                                                                    1,371               1,102      Donations                                                                                                                 17                   13
Retail Shop Sales                                                                                        859                 891      Contributions                                                                                                             10                   24
Total Sale of Goods                                                                                    2,230               1,993      Other                                                                                                                     73                    –
                                                                                                                                      Total Recurrent Grants, Subsidies, Contributions and
Total Sales Revenue                                                                                  16,598             16,027        Donations                                                                                                             6,998                4,559
                                                                                                                                      (*)         In the 2024-25 financial year in addition to the 2024-25 allocation, Council received $884,570 as a 50% advance payment for the
                                                                                                                                                  2025-26 Commonwealth Financial Assistance Grant allocation. As these grants are considered untied grants, they were recognised on
(d) Grants, Subsidies, Contributions and Donations                                                                                                receipt. As 100% of the 2023-24 base allocation was paid in advance in the 2022-23 financial year, consequently there is a significant
§Subnote§




                                                                                                                                                  difference in Council's grant revenue when comparing financial years.
Grant Income under AASB 15
Where grant income arises from an agreement which is enforceable and contains sufficiently specific performance obligations
then the revenue is recognised when control of each performance obligation is satisfied.
                                                                                                                                      (ii) Capital
                                                                                                                                      §Subnote§




The performance obligations vary in each agreement but include respite and care service hours completed; events, workshops
and exhibitions held; and programs developed and completed.                                                                           Capital revenue includes grants and subsidies received which are tied to specific projects for the replacement or upgrade of
                                                                                                                                      existing non-current assets and/or investment in new assets. It also includes non-cash contributions which are usually
                                                                                                                                      infrastructure assets received from developers.
Payment terms vary depending on the terms of the grant. Cash is received upfront for some grants and on the achievement
of certain payment milestones for others.
                                                                                                                                      State Government Subsidies and Grants                                                                                 49,568               51,264
Each performance obligation is considered to ensure that the revenue recognition reflects the transfer of control and within          Commonwealth Government and Grants                                                                                     2,929                4,005
grant agreements there may be some performance obligation where control transfers at a point in time and others which have            Contributions                                                                                                          1,399                2,586
continuous transfer control over the life of the contract.                                                                            Non-monetary Developer Assets Contributed by Developers at Fair Value                                                  1,782                1,767
                                                                                                                                      Total Capital Grants, Subsidies, Contributions and Donations                                                         55,678               59,622
Where control is transferred over time, generally the input methods being eith costs or time incurred are deemed to be the
most appropriate methods to reflect the transfer of benefit.

Grant Income under AASB 1058                                                                                                          (iii) Timing of Revenue Recognition for Grants, Subsidies, Contributions and Donations
                                                                                                                                      §Subnote§




Where Council receives an asset for significantly below fair value, the asset is recognised at fair value, related liability (or
equity items) are recorded and income then is recognised for any remaining asset value at the time that the asset is received.
                                                                                                                                                                                                                     2025                                        2024
Capital Grants                                                                                                                                                                                              Revenue                                     Revenue
Where Council receives funding under an enforceable contract to acquire or construct a specified item of property, plant and                                                                             recognised              Revenue             recognised              Revenue
                                                                                                                                                                                                         at a point in         recognised            at a point in         recognised
equipment which will be under Council's control on completion, revenue is recognised as and when the obligation to construct
                                                                                                                                      $ '000                                                                     time            over time                   time            over time
or purchase is completed. For construction projects this is generally as the construction progresses in accordance with costs
incurred.
                                                                                                                                      Grants and Subsidies                                                       9,247               50,221                  2,346               57,445
                                                                                                                                      Donations                                                                     17                    –                     13                    –
                                                                                                                                      Contributions                                                              3,191                    –                  4,377                    –
                                                                                                                                                                                                               12,455               50,221                  6,736               57,445

continued on next page ...                                                                                            Page 12 of 62                                                                                                                                          Page 13 of 62

                                                               150                                                                                                                                                     151