Noosa Council Annual Report 24/25

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

        Note 15. Property, Plant and Equipment (continued)
                                                                                                                                                                   Index applied
                                                                     Last                                                                                          (change in index        Other interim
                                                Valuation            Comprehensive                               Key assumptions and estimates                     last applied to         revaluation
        Asset Class and Fair Value Hierarchy    Approach             Valuation Date         Valuer engaged       (related data sources)                            asset class)            adjustment

        Buildings (Level 2)                     Market Approach      30/06/2025             Australis Asset      Derived from market transaction                   ABS Producer            Nil
        2025: $0.72m                                                                        Advisory Group       evidence involving comparable assets.             Price Index 3020
        2024: $0.0m                                                                                              Net method applied where accumulated              Non-Residential
                                                                                                                 depreciation is eliminated against the            building
                                                                                                                 gross amount of the asset. Data sources           construction,
                                                                                                                 involve registered sale transactions,             Queensland. No
                                                                                                                 agent advice on sales and lease                   indexation has
                                                                                                                 agreements or registered lease                    been applied as
                                                                                                                 transactions. Value of asset apportioned          this asset class is
                                                                                                                 over relevant building components.                subject to
                                                                                                                                                                   comprehensive
                                                                                                                                                                   revaluation in the
                                                                                                                                                                   current year.




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        Buildings (Level 3)                     Current              30/06/2025             Australis Asset      No active market due to the specialised           ABS Producer            Nil
        2025: $83.1m                            replacement cost                            Advisory Group       nature of the assets and the services             Price Index 3020
        2024: $75.0m                                                                                             local government buildings provide.               Non-Residential
                                                                                                                 Valuations are determined using unit              building
                                                                                                                 rates for construction taking into                construction,
                                                                                                                 consideration industry standard cost              Queensland. No
                                                                                                                 guides, project costs from recently               indexation has
                                                                                                                 completed buildings.                              been applied as
                                                                                                                 Other inputs to cost, useful life and             this asset class is
                                                                                                                 remaining life include economic value,            subject to
                                                                                                                 legal and commercial obsolescence,                comprehensive
                                                                                                                 industry standards, asset condition and           revaluation in the
                                                                                                                 consumption rating applied. All buildings         current year.
                                                                                                                 are separated into different components
                                                                                                                 with value determined based on a range
                                                                                                                 of interrelating factors. i.e. sub-structure,
                                                                                                                 superstructure, roof, electrical and
                                                                                                                 lighting, fitout and fittings, fire services,
                                                                                                                 HVA, mechanical and security services.




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

      Note 15. Property, Plant and Equipment (continued)
                                                                                                                                                                 Index applied
                                                                   Last                                                                                          (change in index        Other interim
                                               Valuation           Comprehensive                               Key assumptions and estimates                     last applied to         revaluation
      Asset Class and Fair Value Hierarchy     Approach            Valuation Date         Valuer engaged       (related data sources)                            asset class)            adjustment

      Other Infrastructure Assets (Level 3)    Current             30/06/2021             Australis Asset      No active market due to the specialised           Indexation of           Nil
      2025: $66.1m                             replacement cost                           Advisory Group       nature of services these assets provide.          6.85% applied in
      2024: $54.1m                                                                                             Unit rates are developed by estimating            FY25 equivalent
                                                                                                               labour and materials required for asset           to 2 years since
                                                                                                               replacement. Base rates were sourced              last
                                                                                                               using actual contract prices for recently         comprehensive
                                                                                                               completed projects or supply quotes for           valuation was
                                                                                                               similar assets based on age, size,                undertaken in
                                                                                                               location and condition. Other inputs              FY23. Indexation
                                                                                                               considered include obsolescence, asset            rate adopted from
                                                                                                               condition and useful life.                        external valuer's
                                                                                                               Where costs are not available, rates              report prepared by
                                                                                                               were obtained from the valuer's                   Australis Asset
167




                                                                                                               database or the Rawlinson's Australian            Advisory Group
                                                                                                               Construction Handbook, 2021 Edition.
      Roads (Level 3)                          Current             30/06/2023             Stantec              Unit rates are developed using actual             Indexation of           Nil
      2025: $498.4m                            replacement cost                                                contract prices for recently completed            7.63% applied to
      2024: $457.0m                                                                                            projects or supply quotes for similar             bus stops and
                                                                                                               assets based on age, size, location and           6.50% applied to
                                                                                                               condition.                                        other road assets
                                                                                                               A first principles approach has been              in FY25
                                                                                                               applied to developing unit rates by               equivalent to 2
                                                                                                               estimating plant, material and labour             years since last
                                                                                                               inputs required for design and                    comprehensive
                                                                                                               construction.                                     valuation was
                                                                                                               Where costs are not available rates were          undertaken in
                                                                                                               obtained from the valuer's database or            FY23. Indexation
                                                                                                               the Rawlinson's Australian Construction           rate adopted from
                                                                                                               Handbook, 2017 Edition.                           external valuer's
                                                                                                               Roads are categorised as sealed or                report prepared by
                                                                                                               unsealed and separated into segments              Stantec
                                                                                                               with three location factors for urban, rural
                                                                                                               and commercial/industrial. All segments
                                                                                                               are then componentised into sub-classes
                                                                                                               that make up each segment. i.e. road
                                                                                                               surface, road pavement base, road
                                                                                                               pavement sub-base, formation, kerb,
                                                                                                               footpath, signage, etc. Other inputs
                                                                                                               considered include obsolescence, asset
                                                                                                               condition and useful life.

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                                                                                  Noosa Council Annual Report 24/25