Annual Report 2022-23(PDF, 12MB)

      Note 3. Revenue (continued)                                                                                                        Note 3. Revenue (continued)

      Capital Grants                                                                                                                     (iii) Timing of revenue recognition for Grants, Subsidies, Contributions and Donations
      Capital grants received to enable Council to acquire or construct an item of property, plant and equipment to identified
      specifications which will be under Council’s control and which is enforceable are recognised as revenue as and when the                                                                                          2023                                    2022
      obligation to construct or purchase is completed. For construction projects, this is generally as the construction progresses in                                                                        Revenue                                 Revenue
      accordance with costs incurred since this is deemed to be the most appropriate measure of the completeness of the                                                                                    recognised             Revenue          recognised            Revenue
      construction project as there is no profit margin.                                                                                                                                                   at a point in       recognised          at a point in      recognised
                                                                                                                                         $ '000                                                                    time          over time                 time         over time
      Donations and Contributions
      Where assets are donated or purchased for significantly below fair value, the revenue is recognised when the asset is acquired
      and controlled by the Council.
                                                                                                                                                 Grants and Subsidies                                             5,828              18,793                6,818          14,718
      Donations and contributions are generally recognised on receipt of the asset since there are no enforceable performance                    Donations                                                            3                   –                    3               –
      obligations.                                                                                                                               Contributions                                                    3,698                   –                2,854               –
                                                                                                                                                                                                                  9,529             18,793                9,675          14,718
      Physical assets contributed to Council by developers in the form of road works, stormwater, land, infrastructure and park
      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
      value in excess of the recognition thresholds are recognised as non-current assets. Those below the thresholds are recorded                    Note 4. Interest and Other Income
      as expenses.                                                                                                                       §Subnote§




                                                                                                                                                     $ '000                                                                                                 2023            2022
      §Subnote§




           $ '000                                                                                           2023                2022
                                                                                                                                                     (a) Interest and Investment Revenue
           (i) Operating
                                                                                                                                                     Interest received from financial institutions and term deposits is accrued over the term of the investment.




                                                                                                                                                                                                                                                                                    Noosa Council Annual Report 2022 - 2023
           General Purpose Grants                                                                          2,353               3,168
           State Government Subsidies and Grants                                                                                                     Interest from Financial Institutions and Term Deposits                                                4,019             414
                                                                                                           2,499               1,827
           Commonwealth Government Subsidies and Grants                                                                                              Interest from overdue Rates and Utility Charges                                                         413             381
                                                                                                           2,579               3,982
           Donations                                                                                                                                 Loan to Unitywater                                                                                    1,974           2,018
                                                                                                              12                  53
           Contributions                                                                                      26                   8                 Total Interest and Investment Revenue                                                                6,406            2,813
           Total Recurrent Grants, Subsidies, Contributions and
           Donations                                                                                       7,469              9,038
                                                                                                                                                     (b) Other Income

           (ii) Capital                                                                                                                              Dividends are recognised when they are declared.
                                                                                                                                                     Unitywater Income Tax Equivalent Received                                                             1,192           1,913
      Capital revenue includes grants and subsidies received which are tied to specific projects for the replacement or upgrade of                   Other                                                                                                 1,449           1,010
      existing non-current assets and/or investment in new assets. It also includes non-cash contributions which are usually                         Total Other Income                                                                                   2,641            2,923
      infrastructure assets received from developers.

           State Government Subsidies and Grants                                                           8,843              10,239
           Commonwealth Government and Grants                                                              8,349               2,319                 Note 5. Capital Income
           Contributions                                                                                   3,210               2,098
                                                                                                                                                     $ '000                                                                                                 2023            2022
                                                                                                                                         §Subnote§




           Non-monetary Developer Assets Contributed by Developers at Fair Value                             451                 699                                                                                                   Notes

                                                                                                          20,853              15,355
                                                                                                                                                     Gain / Loss on disposal of Non-Current Assets
           Total Capital Grants, Subsidies, Contributions and Donations                                  28,322              24,393                  Proceeds from the disposal of Property, Plant and Equipment                                             135               –
                                                                                                                                                     Less: carrying value of disposed Property, Plant and Equipment                      15                  (70)              –
                                                                                                                                                                                                                                                               65              –

                                                                                                                                                     Gain on disposal of Non-Current Assets                                                                   65               –

                                                                                                                                                     Revaluations
                                                                                                                                                     Revaluation increment relating to investment property                               14                  700             400
                                                                                                                                                                                                                                                            700              400

                                                                                                                                                     Total Capital Income                                                                                   765              400



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