Annual Report 2017-18

                                                                                            Financial Statements 2018



Noosa Shire Council

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

Note 17. Provisions (continued)
                                                                                                  2018              2017
                                                                                   Notes          $'000             $'000


Details of movements in Provisions:

Long Service Leave
Balance at beginning of financial year                                                            4,610            4,714
Amount provided for in the period                                                                   780              579
Amount paid in the period                                                                          (408)            (683)
Balance at end of financial year                                                                  4,982            4,610

Quarry Rehabilitation
Balance at beginning of financial year                                                               50                 50
Balance at end of financial year                                                                     50                 50
This is the present value of the estimated future cost of restoring the quarry site under
the State Government environmental regulations at the end of its useful life.

Landfill Sites
Balance at beginning of financial year                                                            9,259            7,194
Remeasurement due to discount rate                                                                  251            2,585
Unwinding of provision over time                                                                   (157)            (520)
Balance at end of financial year                                                                  9,353            9,259
This is the present value of the estimated cost of restoring the Noosa landfill under
the State Government environmental regulations at the end of its useful life.



Note 18. Asset Revaluation Surplus
                                                                                                   2018             2017

Movements in the asset revaluation surplus:

The asset revaluation surplus comprises adjustments relating to changes in value of property, plant and equipment
that do not result from the use of those assets. Net incremental changes in the carrying value of classes of
non-current assets since initial recognition are accumulated in the asset revaluation surplus. Increases and
decreases on revaluation are offset within a class of assets.

Where a class of assets is decreased on revaluation, that decrease is offset first against the amount remaining
in the asset revaluation surplus in respect of that class. Any excess is treated as an expense. When an asset is
disposed of, the amount in respect of that asset is retained in the asset revaluation surplus and not transferred to
retained surplus.




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