Annual Report 2022-23(PDF, 12MB)

      Note 10. Cash, Cash Equivalents and Investments (continued)                                                                        Note 11. Receivables (continued)
      §TTootal§




              $ '000                                                                                        2023               2022
                                                                                                                                         §TTootal§




                                                                                                                                                 $ '000                                                                                           2023               2022

              Restricted and Internally allocated Cash and Cash Equivalents                                                                      Current
                                                                                                                                                 Rates and Charges                                                                               5,018              4,686
              Cash and Cash Equivalents                                                                   76,507              98,501             Other Debtors                                                                                       4                 36
              Less: Externally Imposed Restrictions on Cash                                              (42,153)            (26,091)            GST Recoverable                                                                                   681              1,084
              Unrestricted Cash                                                                          34,354              72,410              Accrued Revenues                                                                                3,711              2,188
                                                                                                                                                 Fees and Charges                                                                                2,690              2,390
              Restricted Cash and Cash Equivalents
                                                                                                                                                 Loans and Advances to Community Organisations                                                     125                125
      Council's cash and cash equivalents are subject to a number of internal and external restrictions that limit amounts available             Total                                                                                          12,229             10,509
      for discretionary or future use. These include:
                                                                                                                                                 less: Provision for Impairment
              (i) Externally imposed expenditure restrictions at the reporting date relate to the                                                Fees and Charges                                                                                   (6)                 (2)
              following cash assets:                                                                                                             Total Provision for Impairment - Receivables                                                       (6)                 (2)

                                                                                                                                                 Total Current Receivables                                                                     12,223              10,507
              Unspent Government Rrants and Subsidies                                                     33,601              16,731
              Unspent Levy Funds                                                                           6,203               6,297
              Unspent Developer Contributions                                                              2,349                 748             Non-Current
              Unspent Loan Monies                                                                              –               2,315             Loans and Advances to Associates                                                               49,218             49,218
              Total Externally imposed restrictions on Cash Assets                                        42,153              26,091             Loans and Advances to Community Organisations                                                       –                125
              (ii) Internal Allocations of Cash at the reporting date:                                                                           Total Non-Current Receivables                                                                 49,218              49,343




                                                                                                                                                                                                                                                                               Noosa Council Annual Report 2022 - 2023
              Internal Allocations of Cash may be lifted by a Council with a resolution.
                                                                                                                                         Interest is charged on outstanding rates (8.17% per annum from 1 July 2022, previously 8.03% per annum). No interest
              Future Asset Replacement                                                                     3,357               1,848     is charged on other debtors. There is no concentration of credit risk for rates and utility charges, fees and other debtors
              Natural Disaster Rehabilitation                                                              3,325               2,977     receivables. Refer also to Note 29 for further information about credit risk.
              Waste Management                                                                            11,188               2,509
                                                                                                                                         A loan agreement for the subordinated debt was executed on the 21 June 2013. The interest only loan structure terminates
              Specific Purpose Recurrent                                                                   1,314               1,487     on the 30 June 2033 with the interest rate set by QTC annually. Applicable interest rate for 2023 was 4.01% (2022: 4.10%).
              Total Internally Allocated Cash                                                             19,184               8,821

              Total Unspent Restricted Cash                                                              61,337              34,912      Accounting Policies - Receivables
                                                                                                                                         Receivables are measured at amortised cost which approximates fair value at reporting date. Trade debtors are recognised at
      Cash and deposits at call are held in the Commonwealth Bank in a normal business cheque account. On call accounts are              the amounts due at the time of sale or service delivery i.e. the agreed purchase/contract price. Settlement of these amounts
      also held with QTC. Deposits at call earned variable interest over varying terms at interest rates between 1.76% and 4.75%.        is required within 30 days from invoice date.

      Investments                                                                                                                        Accounting Policies - Grouping
      Term deposits with an initial maturity term greater than three months are treated as investments, with deposits of less than       When Council has no reasonable expectation of recovering an amount owned by a debtor, and has ceased enforcement
      three months being reported as cash equivalents.                                                                                   activity, the debt is written-off by directly reducing the receivable against the loss allowance. If the amount of debt written off
                                                                                                                                         exceeds the loss allowance, the excess is recognised as an impairment loss.

                                                                                                                                         Accounting for impairment losses is dependent upon the individual group of receivables subject to impairment. The loss
      Note 11. Receivables                                                                                                               allowance for grouped receivables reflects lifetime expected credit losses (ECL) and incorporates reasonable and supportable
                                                                                                                                         forward-looking information. Economic changes impacting debtors, and relevant industry data form part of the impairment
                                                                                                                                         assessment. Council has identified 3 distinctive groupings of its receivables: rates and charges, statutory charges and other
      §Subnote§




      Receivables, loans and advances are amounts owed to Council at year end. They are recognised at the amount due at the              debtors.
      time of sale or service delivery or advance. Settlement of receivables is required within 30 days after invoice is issued. Terms
      for loans and advances are usually a maximum of five years with interest charged at non-commercial rates. Security is not          Rates and charges: Council is empowered under the provisions of the Local Government Act 2009 to sell an owner's property
      normally obtained.                                                                                                                 to recover outstanding rate debts and therefore the expected credit loss is immaterial. Impairment of rates and charges will
                                                                                                                                         occur only if arrears are deemed to be greater than the proceeds Council would receive from the sale of the respective property.
      Debts are regularly assessed for collectability and allowance is made where appropriate for impairment, with any loss
                                                                                                                                         Statutory charges: In some limited circumstances Council may write off impaired statutory charges, on this basis Council
      recognised in finance costs. The amount of the impairment is the difference between the asset’s carrying amount and the
                                                                                                                                         calculates an ECL for statutory charges (non-rates and utility charges). Although not material, disclosure is being made for
      present value of the estimated cash flows discounted at the effective interest rate.
                                                                                                                                         the purposes of public interest and transparency.
      Because Council is empowered under the provisions of the Local Government Act 2009 to sell an owner's property to recover
                                                                                                                                         Other debtors: Council identifies other debtors as receivables which are not rates and charges or statutory charges. This
      outstanding rate debts, Council does not impair rate receivables.
                                                                                                                                         includes, but is not limited to property leases, respite services, venue hire, commercial waste charges and grants.
      All known bad debts were written-off at 30 June. If an amount is recovered in a subsequent period it is recognised as revenue.




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