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

Buildings (Level 3)                     Current            30/06/2020        Australis Asset   No active market due to the specialised         ABS Producer Price     Nil
                                        replacement cost                     Advisory Group    nature of the assets and the services           Index: 3020 Non-
                                                                                               local government buildings provide.             residential building
                                                                                               Valuations are determined using unit            construction,
                                                                                               rates for construction taking into              Queensland
                                                                                               consideration industry standard cost
                                                                                               guides, project costs from recently
                                                                                               completed buildings.
                                                                                               Other inputs to cost, useful life and
                                                                                               remaining life include economic value,
                                                                                               legal and commercial obscelescence,
                                                                                               industry standards, asset condition and
                                                                                               consumption rating applied. All buildings
                                                                                               are separated into different components
                                                                                               with value determined based on a range
                                                                                               of interrelating factors. i.e. sub-structure,
                                                                                               superstructure, roof, electrical and
                                                                                               lighting, fitout and fittings, fire services,
                                                                                               HVA, mechanical and security services.


Other Infrastructure Assets (Level 3)   Current            30/06/2021        Australis Asset   No active market due to the specialised         ABS Producer Price     Nil
2021: $47,248k                          replacement cost                     Advisory Group    nature of services these assets provide.        Index: 3020 Non-
2020: $48,327k                                                                                 Unit rates are developed by estimating          residential building
                                                                                               labour and materials required for asset         construction,
                                                                                               replacement. Base rates were sourced            Queensland
                                                                                               using actual contract prices for recently
                                                                                               completed projects or supply quotes for
                                                                                               similar assets based on age, size,
                                                                                               location and condition.
                                                                                               Where costs are not available, rates
                                                                                               were obtained from the valuer's
                                                                                               database or the Rawlinson's Australian
                                                                                               Construction Handbook, 2021 Edition.




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