Annual Report 2022-23

      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

      Land (Level 3)                         Current            30/06/22         APV Valuers and   No observable active market - (i.e land         Queensland             Nil
      2023: $175.1m                          replacement cost                    Asset             utilised for footpaths, access restriction      Government
      2022: $175.1m                                                              Management        purposes or has a volumetric title).            Statistician's
                                                                                                   Land sales are analysed and compared            Office Land
                                                                                                   taking into account area, location and          Development
                                                                                                   other general site characteristics.             Activity Profile for
                                                                                                   The hypothetical development approach           Noosa Shire
                                                                                                   is used for land which is specialised in        (Median
                                                                                                   nature and where no comparable land             Residential Sale
                                                                                                   sales are available.                            Price)




                                                                                                                                                                                                Noosa Council Annual Report 2022 - 2023
                                                                                                                                                   Most Recent
                                                                                                                                                   Index Applied:
                                                                                                                                                   15.2% -
                                                                                                                                                   equivalent to 2
                                                                                                                                                   years movement
                                                                                                                                                   (2021)
      Buildings (Level 3)                    Current            30/06/2020       Australis Asset   No active market due to the specialised         ABS Producer           Nil
      2023: $72.2m                           replacement cost                    Advisory Group    nature of the assets and the services           Price Index: 3020
      2022: $70.6m                                                                                 local government buildings provide.             Non-residential
                                                                                                   Valuations are determined using unit            building
                                                                                                   rates for construction taking into              construction,
                                                                                                   consideration industry standard cost            Queensland
                                                                                                   guides, project costs from recently             Most Recent
                                                                                                   completed buildings.                            Index Applied:
                                                                                                   Other inputs to cost, useful life and           5.3% equivalent to
                                                                                                   remaining life include economic value,          1 years (2023)
                                                                                                   legal and commercial obsolescence,
                                                                                                   industry standards, asset condition and
                                                                                                   consumption rating applied. All buildings
                                                                                                   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.




      continued on next page ...                                                                                                                                                Page 29 of 56




256                                                                                                                                                                                             257