Annual Report 2014

Community Financial Report – 2013/14
Background
This is the first financial report of the Noosa Council following the de-amalgamation from the
Sunshine Coast Regional Council on 1 January 2014. This community financial report aims to
simplify the financial information required to be prepared by Council under legislation and
accounting standards, and provides a simpler overview of financial performance and sustainability
of our Council for the period 1 January 2014 to 30 June 2014.

Council’s financial statements are prepared based on accounting standards, and contain specific
information regarding Council’s financial performance for the relevant period. Financial statements
include a statement of comprehensive income (or profit and loss), a statement of financial position
(or balance sheet), a statement of cash flows as well as a statement of changes in equity.
Collectively, the statements provide a formal picture of the financial strength of an organisation
(refer to Appendix 1).

The Community Financial Report consists of five key reporting elements, each of which has a
specific purpose for the measurement and presentation of Council’s finances. The five key
reporting elements are shown below:




                                       Statement of
                                      Comprehensive
                                          Income




                                                           Statement of
                    Statement of          Financial
                                           Ratios
                                                             Financial
                     Cash Flows
                                                             Position




                                        Statement of
                                         Changes in
                                           Equity




Noosa Council Report 2014                                                             Page 17 of 24