31dfa1d2-3224-4dd7-a957-281a51cc7802

NOOSA SHIRE COUNCIL

Notes to the financial statements
For the six months ending 30 June 2014
SS                 RSET
   19   Fair value measurements - continued
                   In most cases the movement in base unit rates has been modest although there have been some larger increases due to increased material supply costs
                   and plant hire rates.
                   A review of the Australian Bureau of Statistics Queensland Roads. and Bridges Indices for the period 1 January to 30 June 2014 shows no significant
                   material changes and therefore the values are considered still at fair value

                   Accumulated depreciation:
                   In determining the level of accumulated depreciation, roads were disaggregated into significant components which exhibited different useful lives.
                   Estimated useful lives are disclosed in note 18.

                   Bridges
                   Current replacement cost:
                   A full valuation of bridges assets was undertaken by independent valuers, Aurecon Australia Pty Ltd effective } January 2014. All bridges, with
                   exception to 3 major bridges, were valued based on unit rates developed according to varying materia! types used for construction, the deck area, size
                   and length. Construction estimates were determined on a similar basis to roads. Significant bridge structures were individually assessed by Aurecon
                   Australia Pty Ltd.
                   A review of the Australian Bureau of Statistics Queensland Roads, and Bridges Indices for the period } January 2014 to 36 June 2014 shows no
                   significant material changes and therefore the values are considered still at fair value,

                   Accumulated depreciation:                                                                                                                         .
                    In determining the level of accumulated depreciation, bridges were disaggregated into significant construction materials which exhibited different
                   useful lives
                    Estimated useful lives are disclosed in note 18.

                    Stormwater
                    Current repiacement cost:
                   The fair value of stormwater assets was determined by reference to the Australian Bureau of Statistics Road and Bridge Construction Qld December
                    2013 quarter which reflected an increment of 1.921%

                    Where Stormwater assets are located underground and physical inspection is not possible, the age, size and type of construction material, together with
                    current and planned maintenance records are used to determine the fair value at reporting date. Council uses both location and depth adjustment factors
                    in its calculation of fair value as presented in the table below.

                                                SSE       eA           djustment Raetors ooo ee
                                            |            Location               |             Depth
                                             Rural                                             <1.5in
                                              Urban                                         1.5m to 2.5m
                                              Industrial/Commercial                         2.5m to 3.5m
                                                                                            3.5m to 4.5m
                                                                                               > 4.5m

                    The last comprehensive revaluation of Stonmwater was completed by Aurecon Australia Pty Ltd under the auspices of Sunshine Coast Regional Council
                    as at 30 June 2012.

                    Accumulated depreciation:
                    In determining the level of accumulated depreciation, Stormwater assets were disaggregated into significant components which exhibited different
                    useful lives.
                    Estimates of expired service potential and remaining useful lives were determined on a straight line basis based on industry standard practices and past
                    experience, supported by maintenance programs.

                    Estimated useful lives are disclosed in note 18.

                    A review of the Australian Bureau of Statistics Queensland Roads, and Bridges Indices for the period 1 January 2014 to 30 June 2014 shows no
                    significant material changes and therefore the values are considered still at fair value

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