Annual Report 2017-18

                                                                                           Financial Statements 2018



Noosa Shire Council

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

Note 10. Trade and Other Receivables
                                                                                                  2018             2017
                                                                                  Notes           $'000            $'000


Receivables
Trade receivables are recognised at the amounts due at the time of sale or service delivery i.e. the agreed
purchase price / contract price. Settlement of these amounts is required within 30 days from invoice date.
The collectability of receivables is assessed periodically and if there is objective evidence that Council will not be
able to collect all amounts due, the carrying amount is reduced for impairment. The loss is recognised in finance
costs. The amount of the impairment is the difference between the asset’s carrying amount and the present value
of the estimated cash flows discounted at the effective interest rate.

All known bad debts were written-off at 30 June 2018. Subsequent recoveries of amounts previously written off in
the same period are recognised as finance costs in the Statement of Comprehensive Income. If an amount is
recovered in a subsequent period it is recognised as revenue.

Because Council is empowered under the provisions of the Local Government Act 2009 to sell an owner's property
to recover outstanding rate debts, Council does not impair any rate receivables.

                                                                                                  2018             2017
                                                                                  Notes           $'000            $'000


Current

Rateable Revenue and Utility Charges                                                             4,420            4,431
Other Debtors                                                                                        1               25
GST Recoverable                                                                                  1,153            1,053
Accrued Revenue                                                                                  1,907            2,415
Prepayments                                                                                      2,208              382
Fees and Charges                                                                                 1,404            1,593
TOTAL CURRENT TRADE AND OTHER RECEIVABLES                                                      11,093            9,899

Non-Current

Loans and Advances to Associates                                                                49,218           49,218
TOTAL NON-CURRENT TRADE AND OTHER RECEIVABLES                                                  49,218           49,218

Interest is charged on outstanding rates at a rate of 11% per annum. There is no
concentration of credit risk for rates and utility charges, fees and other debtors
receivable.
A loan agreement for the subordinated debt was executed on the 21 June 2013.
The interest only loan structure terminates on the 30 June 2033 with the interest
rate set by QTC annually. Applicable interest rate for 2018 was 5.18% (2017: 5.33%).




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