Annual Report 2014

NOOSA SHIRE COUNCIL

Notes to the financial statements
For the six months ending 30 June 2014                                                               Consolidated            Council
                                                                                                          2014                2014

                                                                                          Note             s                    $
               (i) Landfill sites
                   Transfeited from de-amalgamated council                                                  4,598,150          4,598,150
                   Accounting adjustment on de-amalgamation                                 (c)             3,120,919          3,120,919
                   Balance at end of the financial year                                                     7,719,069          7,719,069

                   Current portion                                                                               -                  -
                   Non-current portion                                                                      7,719,069          7,719,069
                                                                                                            7,719,069          7,719,069
          This is the present value of the estimated future cost of restoring the Noosa landfill
          under the State Government environmental regulations at the end of its useful life.
               Gi} Quarry sites
                   Transferred from de-amalgamated council                                                     50,000             50,000
                    Balance at end of the financial year                                                       50,000             50,000

                    Current portion                                                                              -                   -
                    Non-current portion                                                                        50,000             50,000
                                                                                                               50,000             50,000
          This is the present value of the estimated future cost of restoring the quarry sites
          under the State Government environmental regulations at the end of its useful life.
  23  Borrowings
      {a)   Bank overdraft
          The council does not have a bank overdraft facility.

      (b)   Unsecured borrowings
      Unsecured borrowings are provided by the Queensland Treasury Corporation.
      All borrowings are in AUD denominated amounts and carried at amortised cost, interest
      being expensed as it accrues. No interest has been capitalised during the current or
      comparative reporting period. Expected final repayment dates vary from 29 September
      2025 to 19 February 2026.
      There have been no defaults or breaches of the Joan agreement during the period.
      Principal and interest repayments are made quarterly in arrears.
      Details of borrowings at balance date are:
           Current
               Queensland Treasury Corporation                                                              2,600,397           2,600,397

           Non Current
               Queensland Treasury Corporation                                                             38,576,628          38,576,628

      Details of movements in borrowings:
           Queensland Treasury Corporation
                    Loans raised                                                                            2,300,000           2,300,000
                    Loans recognised on the de-amalgamation from $CRC                                      40,048,048          40,048,048
                    Loan interest capitalised in period                                                      1,137,954          1,137,954
                    Principal repayments                                                                    (2,308,977)        (2,308,977)
                    Balance at end of the financial year                                                   41,177,025          41,177,025
               Classified as :
                   Current                                                                                  2,600,397           2,600,397
                    Non-current                                                                            38,576,628          38,576,628
                                                                                                           41,177,025          41,177,025

                                                     ,                                                                certified statements
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