Annual Report 2020-21

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

Note 23. Commitments for Expenditure
§Note/Subtotal§
§Subnote§




$ '000                                                                                                 2021                2020

(a) Operational Contractual commitments
Contractual commitments at end of financial year but not recognised in the financial statements are as follows:
Within the next year                                                                                 13,492              12,528
Later than one year and not later than 5 years                                                       20,314              30,633
Later than 5 years                                                                                        –                 943
                                                                                                     33,806             44,104


(b) Capital Commitments (exclusive of GST)
§Subnote§




Commitment for the construction of the following assets contracted for at the reporting date but not recognised as liabilities:

Property, Plant and Equipment
Roads, Bridges and Stormwater                                                                            464              3,393
Buildings                                                                                              2,337                  –
Other                                                                                                  2,972                  –

Total Commitments                                                                                     5,773               3,393
These expenditures are payable as follows:
Within the next year                                                                                   5,773              3,393
Later than one year and not later than 5 years                                                             –                  –
Later than 5 years                                                                                         –                  –
Total Payable                                                                                         5,773               3,393



Note 24. Contingent Liabilities
§Note§




§Subnote§




Details and estimates of maximum amounts of contingent liabilities are as follows:

Local Government Mutual
The Council is a member of the local government mutual liability self-insurance pool, LGM Queensland. In the event of the
pool being wound up or it is unable to meet its debts as they fall due, the trust deed and rules provide that any accumulated
deficit will be met by the individual pool members in the same proportion as their contribution is to the total pool contributions
in respect to any year that a deficit arises.

As at 30 June 2021 the financial statements reported an accumulated surplus and it is not anticipated any liability will arise.

Local Government Workcare
The Council is a member of the Queensland local government worker's compensation self-insurance scheme, Local
Government Workcare. Under this scheme the Council has provided an indemnity towards a bank guarantee to cover bad
debts which may remain should the self insurance licence be cancelled and there was insufficient funds available to cover
outstanding liabilities. Only the Queensland Government’s workers compensation authority may call on any part of the
guarantee should the above circumstances arise. The Council's maximum exposure to the bank guarantee is $1,080,275
(2020: $940,516).




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