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 24. Capital Commitments                                                                                                          Note 26. Superannuation
§Note/Subtotal§
§Subnote§




                                                                                                                                      §Note/Subtotal§
                                                                                                                                      §Subnote§




$ '000                                                                                                 2025                2024
                                                                                                                                      Council contributes to the Brighter Super Regional Defined Benefits Fund (the scheme), at the rate of 12% for each permanent
Capital Commitments (exclusive of GST)                                                                                                employee who is a defined benefit member. This rate is set in accordance with the Brighter Super trust deed and may be varied
                                                                                                                                      on the advice of an actuary. The Regional Defined Benefits Fund is a complying superannuation scheme for the purpose of the
                                                                                                                                      Commonwealth Superannuation Industry (Supervision) legislation and is also governed by the Local Government Act 2009.
Commitment for the construction of the following assets contracted for at the reporting date but not recognised as liabilities
(exclusive of GST):
                                                                                                                                      The scheme is a pooled defined benefit plan and it is not in accordance with the deed to allocate obligations, plan assets
                                                                                                                                      and costs at the Council level.
Property, Plant and Equipment
Roads, Bridges and Stormwater                                                                         12,991             47,745       Any amount by which the scheme is over or under funded may affect future benefits and result in a change to the contribution
Buildings                                                                                                248              1,151       rate, but has not been recognised as an asset or liability of the Council.
Other                                                                                                  3,090              4,127
                                                                                                                                      Technically Council can be liable to the scheme for a portion of another local governments’ obligations should that local
Total Commitments                                                                                    16,329             53,023        government be unable to meet them. However the risk of this occurring is extremely low and in accordance with the Brighter
                                                                                                                                      Super trust deed changes to Council's obligations will only be made on the advice of an actuary.
These expenditures are payable as follows:
Within the next year                                                                                  16,237             53,023       The last completed triennial actuarial assessment of the scheme as required under Superannuation Prudential Standard 160
Later than one year and not later than 5 years                                                                                        was undertaken as at 1 July 2024. The actuary indicated that “At the valuation date of 1 July 2024, the net assets of the
                                                                                                          92                  –
                                                                                                                                      scheme exceeded the vested benefits and the scheme was in a satisfactory financial position as at the valuation date." The
Later than 5 years                                                                                         –                  –       measure of vested benefits represents the value of benefit entitlements should all participating employees voluntarily exit the
Total Payable                                                                                        16,329             53,023        scheme. The Council is not aware of anything that has happened since that time that indicates the assets of the scheme are
                                                                                                                                      not sufficient to meet the vested benefits, as at the reporting date.




                                                                                                                                                                                                                                                                            Noosa Council Annual Report 24/25
                                                                                                                                      No changes have been made to prescribed employer contributions which remain at 12% of employee salary or wages and
Note 25. Contingent liabilities
§Note§




                                                                                                                                      there are no known requirements to change the rate of contributions.

                                                                                                                                      The next triennial actuarial review is not due until 1 July 2027.
§Subnote§




Details and estimates of maximum amounts of contingent liabilities are as follows:
                                                                                                                                      The most significant risks that may result in Brighter Super increasing the contribution rate, on the advice of the actuary, are:
Local Government Mutual
The Council is a member of the local government mutual liability self-insurance pool, LGM Queensland. In the event of the             Investment risk - The risk that the scheme's investment returns will be lower than assumed and additional contributions are
pool being wound up or it is unable to meet its debts as they fall due, the trust deed and rules provide that any accumulated         needed to fund the shortfall.
deficit will be met by the individual pool members in the same proportion as their contribution is to the total pool contributions
in respect to any year that a deficit arises.                                                                                         Salary growth risk - The risk that wages or salaries will rise more rapidly than assumed, increasing vested benefits to be funded.

As at 30 June 2025 the financial statements reported an accumulated surplus and it is not anticipated any liability will arise.       $ '000                                                                             Notes               2025                2024

                                                                                                                                      Superannuation Contributions made to the Regional Defined Benefits Fund                                   67                  92
                                                                                                                                      Other Superannuation Contributions for Employees                                                       5,162               4,529
                                                                                                                                      Total Superannuation Contributions paid by Council for
                                                                                                                                      employees                                                                            6                5,229               4,621




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