Annual Report 2020-21

Noosa Council
Notes to the Financial Statements
for the year ended 30 June 2021

Note 14. Property, Plant and Equipment (continued)
                                                                                                                                             Index applied
                                                          Last                                                                               (change in index     Other interim
                                      Valuation           comprehensive                         Key assumptions and estimates                recognised this      revaluation
Asset Class and Fair Value Hiearchy   approach            valuation date   Valuer engaged       (related data sources)                       year)                adjustment

Storm water (Level 3)                 Current            30/06/2020        Jones Lang LaSalle   Unit rates determined using market costs     ABS Producer Price   Nil
                                      replacement cost                                          for supply and installation of similar       Index: 3101 Road
                                                                                                assets or their modern equivalent taking     and bridge
                                                                                                into consideration variables such as         construction,
                                                                                                asset size, depth, location and soil type.   Queensland
                                                                                                The first principles approach to deriving
                                                                                                unit rates also consists of breaking down
                                                                                                each asset into its constuction elements
                                                                                                including demolition, reinstatement,
                                                                                                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.

Investment Property (Level 2)         Market value       30/06/2021        AEC Group            Two calculation methodolgies underpin        Not Applicable       Nil
2021: $2.9 million                                                                              the market based valuation approach:         Valuations
2020: $3.0 million                                                                                                                           completed
                                                                                                - Capitalisation rate valuation approach     Annually
                                                                                                - Discounted cashflow valuation
                                                                                                approach




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