2021-11-15 GC Agenda - Item 12 - Attachment 1 - Noosa Council Annual Report 2020-21

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

Note 20. Provisions (continued)
§Note/Subtotal§
§Total§




$ '000                                                                                              2021               2020

Non-Current
Long Service Leave                                                                                   977                965
Quarry Rehabilitation                                                                                 50                 50
Landfill Sites                                                                                    15,528             14,292
Total Non-Current Provisions                                                                      16,555             15,307



Details of movements in provisions
§Subnote§




Quarry Rehabilitation
Balance at beginning of financial year                                                                 50                 50
Balance at end of financial year                                                                       50                 50

Landfill Sites
Balance at beginning of financial year                                                            14,292             10,985
Amounts used                                                                                         (84)                 –
Increase in provision due to unwinding of discount                                                   156                221
Increase/(decrease) in provision due to change in discount rate                                    1,164              3,086
Balance at end of financial year                                                                  15,528             14,292



Note 21. Other Liabilities
§Note§




§Subnote§




$ '000                                                                                              2021               2020

Current
Unearned Revenue                                                                                    2,159              1,561
Prepaid Rates Liability                                                                             1,840              1,597
Total Current Other Liabilities                                                                   3,999              3,158


Note 22. Asset revaluation surplus
§Note§




§Subnote§




The asset revaluation surplus comprises adjustments relating to changes in value of property, plant and equipment that do
not result from the use of those assets. Net incremental changes in the carrying value of classes of non-current assets since
initial recognition are accumulated in the asset revaluation surplus. Increases and decreases on revaluation are offset within
a class of assets.

Where a class of assets is decreased on revaluation, that decrease is offset first against the amount remaining in the asset
revaluation surplus in respect of that class. Any excess is treated as an expense. When an asset is disposed of, the amount
in respect of that asset is retained in the asset revaluation surplus and not transferred to retained surplus.




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