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

NOOSA SHIRE COUNCIL

   Notes to the financial statements
   For the six months ending 30 June 2014                                                                 Consolidated            Council
                                                                                                              2014                 2014

                                                                                               Note             $                    $

    27  Events after balance date
             On the 10th December, the Honourable David Crisafulli MP, Minister for Local
             Government, Community Recovery and Resilience handed down his final
             determination relating to the five outstanding issues raised for adjudication.

             As a result of the review process, the Minister has ruled that a further $2.293 million
             will be paid to Council to finalise the matter. This amount has been included as a
             receivable.

    28  Contingent Hiabilities
           Details and estimates of maximum amounts of contingent liabilities are as follows:
             In the opinion of Council's solicitors, there are currently no claims pending against
             Council for the period ending 30 June 2014.

             Local Government Workcare
             The Noosa Shire Council is a member of the Queensland local
             government workers compensation self-insurance scheme, Local Government
             Workcare. Under this scheme the Council has provided 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:                                             290,070             290,070

             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 poo] contributions in respect to
              any year that a deficit arises.
             As at 30 June 2014 the financial statements reported an accumulated surplus and
             it is not anticipated any liability will arise.

    29   Superannuation
             The Council contributes to the Local Government Superannuation Scheme (Qld)
             (the scheme). The scheme is a Multi-employer Plan as defined in the Australian
             Accounting Standard AASB/19 Employee Benefits .

             The Queensland Local Government Superannuation Board, the trustee of the
             scheme, advised that the local government superannuation scheme was a complying
             superannuation scheme for the purpose of the Commonwealth Superannuation
             Industry (Supervision) legislation.

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