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

      Bridges (Level 3)                      Current            30/06/2023       Stantec          Unit rates are developed according to        ABS Producer         Nil
      2023: $82.0m                           replacement cost                                     varying material types used for              Price Index: 3101
      2022: $80.2m                                                                                construction, as well as deck area, size     Road and bridge
                                                                                                  and length.                                  construction,
                                                                                                  Construction estimates were based on         Queensland
                                                                                                  actual contract prices for recently          Most Recent
                                                                                                  completed projects or supply quotes for      Index Applied:
                                                                                                  similar assets.                              10.1% equivalent
                                                                                                  Significant bridges were separately          to 2 years (2022)
                                                                                                  assessed by the valuer. Other inputs




                                                                                                                                                                                    Noosa Council Annual Report 2022 - 2023
                                                                                                  considered include obsolescence, asset
                                                                                                  condition and useful life.
      Storm water (Level 3)                  Current            30/06/2020       Jones Lang       Unit rates determined using market costs     ABS Producer         Nil
      2023: $169.3m                          replacement cost                    LaSalle          for supply and installation of similar       Price Index: 3101
      2022: $158.3m                                                                               assets or their modern equivalent taking     Road and bridge
                                                                                                  into consideration variables such as         construction,
                                                                                                  asset size, depth, location and soil type.   Queensland
                                                                                                  The first principles approach to deriving    Most Recent
                                                                                                  unit rates also consists of breaking down    Index Applied:
                                                                                                  each asset into its construction elements    7.3% equivalent to
                                                                                                  including demolition, reinstatement,         1 year (2023)
                                                                                                  excavation, construction, delivery and
                                                                                                  installation. Stormwater assets are
                                                                                                  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       30/06/2023       AEC Group        Two calculation methodologies underpin       Not Applicable       Nil
      2023: $4.0 million                                                                          the market based valuation approach:         Valuations
      2022: $3.3 million                                                                          - Capitalisation rate valuation approach     completed
                                                                                                  - Discounted cashflow valuation              annually
                                                                                                  approach




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