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Noosa Council Annual Report 24/25
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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
Bridges (Level 3) Current 30/06/2023 Stantec Unit rates are developed according to Indexation of Nil
2025: $88.8m replacement cost varying material types used for 6.50% applied to
2024: $81.2m construction, as well as deck area, size bridges in FY25
and length. equivalent to 2
Construction estimates were based on years since last
actual contract prices for recently comprehensive
completed projects or supply quotes for valuation was
similar assets. undertaken in
Significant bridges were separately FY23. Indexation
assessed by the valuer. Other inputs rate adopted from
considered include obsolescence, asset external valuer's
condition and useful life. report prepared by
Stantec
168
Storm water (Level 3) Current 30/06/2024 Jones Lang Unit rates determined using market costs ABS Producer Nil
2025: $152.0m replacement cost LaSalle for supply and installation of similar Price Index 3101
2024: $148.5m assets or their modern equivalent taking Roads and bridge
into consideration variables such as construction,
asset size, depth, location and soil type. Queensland. No
The first principles approach to deriving indexation applied
unit rates also consists of breaking down since the most
each asset into its construction elements recent
including excavation, construction, and comprehensive
installation. Stormwater assets are valuation
componentised into the significant
components which may provide different
function, economic benefit life. i.e.
pipework, valves, culverts, manholes,
headwalls, bio-retention basins. Other
inputs considered include obsolescence,
asset condition and useful life.
Investment Property (Level 2) Market value 30/06/2025 AEC Group Two calculation methodologies underpin Not Applicable Nil
2025: $3.8m the market based valuation approach: Valuations
2024: $3.8m - Capitalisation rate valuation approach completed
- Discounted cashflow valuation annually
approach
Page 30 of 62
§Total§
§Total§
§Note§
§Subnote§
§Subnote§
§Note/Subtotal§
$ '000
$ '000
Current
Current
Contract Assets
contract liability.
beginning of the year
Noosa Council
(a) Contract Assets
Amortisation in the Period
(b) Contract Liabilities
Closing Gross Carrying Value
Opening Gross Carrying value
Total Current Contract Assets
for the year ended 30 June 2025
Note 16. Intangible Assets
Intangible Assets are as follows:
Total Current Contract Liabilities
Note 17. Contract Balances
Funds to construct Council Controlled Assets
Funds received in advance of services provided
Total Intangible Assets - Net Book Value
Transfers from/(to) Property, Plant and Equipment
Notes to the Financial Statements
Non-Capital Performance Obligations not yet satisfied
Closing Accumulated Amortisation and Impairment
Software assets have a finite life estimated at 10 years.
Opening Accumulated Amortisation and Impairment
Total Revenue included in the Contract Liability
Funds received upfront to construct Council Controlled Assets
169
Revenue recognised that was included in the contract liability balance at the
7,386
356
7,030
14,685
405
14,280
3,061
3,061
2025
218
(591)
(20)
(571)
809
–
809
2025
Contract assets represents the excess of costs incurred in relation to a contract with the customer or construction of an
asset over the amounts that council has invoiced the customer or the grantor. Where Council has invoiced the customer or
the grantor amounts in excess of what it has incurred in relation to a contract or in constructing an asset, this gives rise to a
16,850
114
16,736
8,167
413
7,754
6,962
6,962
2024
238
(571)
(41)
(530)
809
(328)
1,137
2024
Page 31 of 62
Noosa Council Annual Report 24/25
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