Annual Report 2017-18

                                                                                         Financial Statements 2018



Noosa Shire Council

Notes to the Financial Statements
for the year ended 30 June 2018

Note 4. Grants, Subsidies, Contributions and Donations
                                                                                               2018              2017
                                                                                Notes          $'000             $'000


Grants & Subsidies
Grants,subsidies and contributions that are non-reciprocal in nature are recognised as
revenue in the year in which Council gains control over them.
Where grants are received that are reciprocal in nature, revenue is recognised as the
various performance obligations are fulfilled under the funding agreement. Council
does not currently have any reciprocal grants.

Non-cash contributions
Non-cash contributions with a value in excess of the recognition thresholds, are
recognised as revenue and as non-current assets. Non-cash contributions below the
thresholds are recorded as revenue and expenses.

Physical assets contributed to Council by developers in the form of road works,
stormwater, infrastructure and park equipment are recognised as revenue when the
development becomes "on maintenance" (i.e. the Council obtains control of the assets
and becomes liable for any ongoing maintenance) and there is sufficient data in the
form of drawings and plans to determine the approximate specifications and values of
such assets. All non-cash contributions are recognised at the fair value of the
contribution received on the date of acquisition.

Cash contributions
Council receives cash contributions from property developers to construct assets such
as roads and footpaths. Where agreements between Council and the developers
relating to these contributions are determined to fall within the scope of AASB
Interpretation 18 Transfers of Assets from Customers, these contributions are
recognised as revenue when the related service obligations are fulfilled.

(a) Recurrent
General Purpose Grants                                                                         2,200            3,191
State Government Subsidies and Grants                                                          1,089            1,188
Commonwealth Government Subsidies and Grants                                                   2,673            1,820
Donations                                                                                         60               53
Contributions                                                                                     11               20
Other Non-Government Subsidies                                                                    19               15
TOTAL RECURRENT GRANTS, SUBSIDIES,
CONTRIBUTIONS AND DONATIONS                                                                   6,052            6,287

(b) Capital
State Government Subsidies and Grants                                                          3,016            1,909
Commonwealth Government Subsidies and Grants                                                   1,411            1,298
Contributions                                                                                  1,942            3,106
Non-Monetary - Developer Assets contributed by Developers at Fair Value                        4,906            3,217
TOTAL CAPITAL GRANTS, SUBSIDIES,
CONTRIBUTIONS AND DONATIONS                                                                 11,275             9,530


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