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2016-11-08 S&O Agenda - Item 3, Attachment 1 - Local Economic Plan
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Log in to see the plans as drawn Financial Statements 2016
Noosa Shire Council
Notes to the Financial Statements
for the year ended 30 June 2016
Note 12. Fair Value Measurements (continued)
Stormwater (Level 3)
A comprehensive valuation of stormwater infrastructure was undertaken by independent valuers Aurecon Australia Pty
ltd effective 30 June 2015. As there is a significant level of professional judgement used in determining the valuation due
to the level of unobservable data, the valuation of drainage assets has been determined as Level3.
The fair value unit rates were determined using the prevailing market costs for supply and installation of similar assets or
their modem equivalent. The methodology for calculation of unit rates from first principles consists of breaking down each
asset into its cost components such as demolition, reinstatement, excavation, construction, delivery and installation. The
models used to determine the unit rates included intemal selection of variables for asset size, depth, location and soil
type.
Asset Val Pty Ltd were engaged to undertake an indexation assessment across all non current asset categories with the
exception of Other Infrastructure, as at 30 June 2016. Stormwater index rates for the period 30 June 2015 to 30 June
2016 shows no significant material changes and therefore the values are considered still at fair value. As a result of this,
no indexation has been applied to this class.
Accumulated Depreciation
;n determining the level of accumulated depreciation. stormwater assets are disaggregated into significant components
which exhibit different useful lives. Useful lives are an estimate of the total service capacity in years for that type of asset.
Sensitivity Analysis • Roads, Bridge and Stormwater Network
As detailed above Council's road, bridge and stormwater network has been valued using written down current
replacement cost. This method utilises a number of inputs that require judgement and are therefore classed as
unobservable. While these judgements are made with the greatest care, and based upon years of experience, different
judgements could result in a different valuation. The table below summarises the effect that changes in the most
significant unobservable inputs would have on the valuation:
r·· -·- - ·-· · ·--···- ·· .... -.. ..t.
[Significant Unobservable j Relationship of Unobservable Inputs
:Input
; ··----- . -- - ..... .. ------ - .... - ·· ···- - ·-~- ..•.
!
t·- ·~·
Range of Inputs
to Fair Value
; iI The higher the labour hours, the higher
; Number of labour hours 5-1 OOhrsllinear metre or sqm
! I the fair value
... . w . ~-
... .. _ ., · .l
- ·-- - - - ~
:Standard material usage The higher the usage quantities, the
i Varies depending upon the type of material !
tquantities \ i higher the fair value
.- - ·-·--· ·-- -· ' - -·-- -· -·-·- i · ... - -- . - . - .. -· . - ··- -·- ··-· . ·- -·- - ··
! As specified above- OH/OM (lowest) to !: The higher thethecondition rating, the lower~
;condition rating (useful life) ~ SH/BM (highest) fair value. !
;___ ----- -------- . ----- - - - - --·- ;
-- --· - .. - · . - · ·· - ----· - · ·- --- . ·- - ~ -Th~~~~g~~th~-r~maini~~·~;~f~~ lf~~ th~-~
•Remaining useful life 5-100 years
higher the fair value. !
- . ·-· .... - - .. . ----· ·- ·- .. J .. __ _ --· ··--·-··· ····-···· · --··-· -· __ .. _____ _~ ...... - ··-··-··· - ---- ··· ..- --· -- -.- - ~ ..... ···- --~
.._
page 28
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