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)
§Note/Subtotal§




(3) Valuation techniques used to derive Level 2 and Level 3 Fair Values

Where Council is unable to derive fair valuations using quoted market prices of identical assets (ie. Level 1 inputs) Council instead utilises a spread of both observable inputs (Level 2
inputs) and unobservable inputs (Level 3 inputs).

The Fair Valuation techniques Council has employed while utilising Level 2 and Level 3 inputs are as follows:
§Total§




                                                                                                                                                        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

Land (Level 2)                                Market value       31/03/2018            AssetVal Pty Ltd    Active and liquid market available for       Queensland              Nil
                                                                                                           comparison.                                  Government
                                                                                                           Land sales for similar properties are        Statistician's Office
                                                                                                           analysed and compared taking into            Land Development
                                                                                                           account area, location and other general     Activity Profile for
                                                                                                           site characteristics.                        Noosa Shire
                                                                                                           Land use based on zoning in place at the     (Median Residential
                                                                                                           time of valuation under the previous         Sale Price)
                                                                                                           2006 Noosa Plan.                             Most Recent Index
                                                                                                                                                        Applied: 15.2% -
                                                                                                                                                        equivalent to 2 years
                                                                                                                                                        movement (2021)



Land (Level 3)                                Market value       31/03/2018            AssetVal Pty Ltd    No observable active market - (i.e land      Queensland              Nil
                                                                                                           utilised for footpaths, access restriction   Government
                                                                                                           purposes or has a volumetric title). Land    Statistician's Office
                                                                                                           sales are analysed and compared taking       Land Development
                                                                                                           into account area, location and other        Activity Profile for
                                                                                                           general site characteristics. Assumptions    Noosa Shire
                                                                                                           are made to adjust for use and sale          (Median Residential
                                                                                                           restrictions.                                Sale Price)
                                                                                                           Land use based on zoning in place at the     Most Recent Index
                                                                                                           time of valuation under the previous 2006    Applied: 15.2% -
                                                                                                           Noosa Plan.                                  equivalent to 2 years
                                                                                                                                                        movement (2021)




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