Annual Report 2014

NOOSA SHIRE COUNCIL

Notes to the financial statements
For the six months ending 30 June 2014
SS        RESTS
   19    Fair value measurements - continued
                    In most cases the move:nent in base unit rates has been modest although there have been some larger increases due to increased material supply costs
                    and plant hire rates.
                    A review of the Australian Burcau of Statistics Queensland Roads, and Bridges Indices for the period t January to 30 June 2014 shows no significant
                    matcrial changes and therefore the values are considered still at fair value

                    Accumulated depreciation:
                    In determining the level of accumulated depreciation, roads were disaggregated into significant components which exhibited different useful lives.
                    Estimated useful lives are disclosed in note 18.

                    Bridges
                    Current replacement cost:
                    A full valuation of bridges assets was undertaken by independent valuers, Aurecon Australia Pty Ltd effective } January 2014. All bridges, with
                    exception to 3 major bridges, were valued based on unit rates developed according to varying materia! types used for construction, the deck area, size
                    and fength. Construction estimates were determined on a similar basis to roads, Significant bridge structures were individually assessed by Aurecon
                    Australia Pty Ltd.
                    A review of the Australian Bureau of Statistics Qucensland Roads, and Bridges Indices for the period ! January 2014 to 36 June 2014 shows no
                    significant material changes and therefore the values are considered still at fair value,

                    Accumulated depreciation:                                                                                                                           .
                    In determining the fevel of accumulated depreciation, bridges were disaggregated into significant construction materials which exhibited different
                    useful lives
                    Estimated useful lives are disclosed in note 18.

                    Stormwater
                    Current repiaceinent cost:
                    The fair value of stormwater assets was determined by reference to the Australian Bureau of Statistics Road and Bridge Construction Qld December
                    2013 quarter which reflected an increment of 1.921%

                    Where Stormwater assets are located underground and physical inspection is not possible, the age, size and type of construction material, tngether with
                    current and planned maintenance records are used to determine the fair value at reporting date. Council uses both location and depth adjustment factors
                    in its calculation of fair value as presented in the table below.

                                                                      Adjustment Pactors
                                             |            Location               |              Depth
                                             Rural                                               <1.5m
                                              Urban                                           i.5m to 2.5m
                                              Industrial/Commercial                           2.5m to 3.5m
                                                                                              3.5m to 4.5m
                                                                                                 > 4.51n

                    The last comprehensive revaluation of Stormwater was completed by Aurccon Australia Pty Ltd under the auspices of Sunshine Coast Regional Council
                    as at 30 June 2012.

                    Accumulated depreciation:
                    In determining the level of accumulated depreciation, Stormwater assets were disaggregated into significant components which exhibited different
                    useful lives.
                    Estimates of expired service potential and remaining useful lives were determined on a straight line basis based on industry standard practices and past
                    experience, supporied by maintenance programs.

                    Estimated useful lives are disclosed in note 18.

                    A review of the Australian Bureau of Statistics Queensland Roads, and Bridges Indices for the period | January 2014 to 30 June 2014 shows no
                    significant material changes and therefore the values are considered still at fair value

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