FURTHER REPORT - TOURISM NOOSA FUNDING AND PERFORMANCE DEED 2026–2029 · Attachment 1 - 29-05-2026_TN Funding Deed_FINAL

2.       Funding

2.1      Council will provide the Funding to TN, subject to clause 2.4, in three instalments paid
         as follows:

         (a)       First Instalment: $650,000 (excluding GST) on or before 31 July each
                   Financial Year; and

         (b)       Second Instalment: $350,000 (excluding GST) on or before 30 September
                   each Financial Year, subject to any Performance Adjustment in accordance with
                   clause 2.4;

         (c)       Third Instalment: $1,000,000 (excluding GST) on or before 31 January each
                   Financial Year.

2.2      For the Financial Year 2026–27 (year 1) of the Term, the First Instalment, Second
         Instalment and Third Instalments are payable in full and are not subject to any in-year
         performance adjustment.

2.3      For the Financial Years 2027–28 and 2028–29 (years 2 and 3 of the Term), and during
         any Further Term, the Second Instalment may be subject to the Performance
         Adjustment in accordance with clause 2.4. The Third Instalment is payable in full and is
         not subject to any in year performance adjustment. For clarity, at the expiration of the
         Term where a Further Term for the Deed is not granted, the Performance Adjustment
         will not be applied, as the Deed is at an end.


2.4      Performance Adjustment

         (a)       TN must provide Council with the Annual Outcome Report;

         (b)       From Financial Year 2027–28 of the Term and each year following (including
                   any Further Term) on or after 31 July of each year, Council will assess the
                   Annual Outcome Report of the previous financial year to determine whether or
                   not TN has discharged its obligations under this Deed:

         (c)       Council will, acting reasonably and based on the Annual Outcome Report,
                   assess TN’s performance against the KPIs set out in Schedule 2 (Performance
                   Scorecard) for the prior Financial Year;

         (d)       Performance will be assessed using the scoring methodology set out in
                   Schedule 3, and where KPIs have not been satisfactorily achieved with
                   reference to the Performance Scorecard in Schedule 2, Council may apply a
                   Performance Adjustment in accordance with Schedule 3;

         (e)       Council must notify TN in writing of any Performance Adjustment no later than
                   the date on which the Second Instalment falls due and provide reasons, which
                   identify the KPIs in the Performance Scorecard not achieved and the basis for
                   the deduction applied.



 Tourism Noosa Funding Deed, 2026-29                                                         Page 7