Annual Report 2023-24

      Noosa Council                                                                                                                         Noosa Council




                                                                                                                                                                                                                                                                                Financial Performance
      Notes to the Financial Statements                                                                                                     Notes to the Financial Statements
      for the year ended 30 June 2024                                                                                                       for the year ended 30 June 2024

      Note 3. Revenue                                                                                                                       Note 3. Revenue (continued)
      §Note/Subtotal§                                                                                                                       §Note/Subtotal§
      §Subnote§




      $ '000                                                                                                  2024                2023
                                                                                                                                            (c) Sales Revenue
      (a) Rates, Levies and Charges
                                                                                                                                            Sale of goods revenue is recognised at the point in time when the customer obtains control of the goods. Revenue from
      Rates and annual charges are recognised as revenue when the Council obtains control over the assets comprising these                  services is recognised when the service is rendered.
      receipts which is the beginning of the rating period to which they relate. Prepaid rates are recognised as a financial liability
      until the beginning of the rating period.                                                                                             Revenue from contracts and recoverable works generally comprises a recoupment of material costs together with an hourly
                                                                                                                                            charge for use of equipment and employees. This revenue and the associated costs are recognised by reference to the stage
      General Rates                                                                                                                         of completion of the contract activity, based on costs incurred at the reporting date. Where consideration is received for the
                                                                                                            71,298              66,495
                                                                                                                                            service in advance it is included in other liabilities and is recognised as revenue in the period when the service is performed.
      Separate Rates                                                                                         3,736               3,737
      Special Rates                                                                                          1,781               2,080
                                                                                                                                            $ '000                                                                                                2024               2023
      Waste Utility Charges                                                                                 15,810              14,621
      Total Rates and Utility Charge Revenue                                                                92,625              86,933      Rendering of Services
                                                                                                                                            Contract and Recoverable Works                                                                          27                 51
      Less: Discounts                                                                                       (2,996)             (2,793)
                                                                                                                                            Waste Management Charges                                                                             6,268              4,551
      Less: Pensioner Remissions                                                                            (1,161)               (869)
                                                                                                                                            Venue Hire                                                                                             469                451
      Total Rates, Levies and Charges                                                                      88,468              83,271
                                                                                                                                            Holiday Parks Fees and Charges                                                                       4,651              4,365
                                                                                                                                            Learn to Swim                                                                                          800                733
                                                                                                                                            Admission Fees                                                                                       1,819              1,560
      (b) Fees and Charges
      §Subnote§




                                                                                                                                            Total Sale of Services                                                                              14,034             11,711

      Revenue arising from fees and charges are recognised at the point in time when the performance obligation is completed and            Sale of Goods
      the customer receives the benefit of the services being provided.                                                                     Sale of Recyclables                                                                                  1,102               1,415
                                                                                                                                            Retail Shop Sales                                                                                      891                 846
      The performance obligation relates to the specific services which are provided to the customers and generally the payment
                                                                                                                                            Total Sale of Goods                                                                                  1,993               2,261
      terms are within 30 days of the provision of the service or in some cases, the customer is required to pay on arrival, for example
214                                                                                                                                                                                                                                                                             215
      caravan parks. There is no material obligation for Council in relation to refunds or returns.
                                                                                                                                            Total Sales Revenue                                                                                16,027              13,972
      Licences granted by Council are all either short-term or low value and all revenue from licences is recognised at the time that
      the licence is granted rather than the term of the licence.
                                                                                                                                            (d) Grants, Subsidies, Contributions and Donations
                                                                                                                                            §Subnote§




      Revenue from infringements is recognised on issue of infringement notice after applying the expected credit loss model relating
      to impairment of receivables for initial recognition of statutory receivables.                                                        Grant Income under AASB 15
                                                                                                                                            Where grant income arises from an agreement which is enforceable and contains sufficiently specific performance obligations
      $ '000                                                                                                  2024                2023      then the revenue is recognised when control of each performance obligation is satisfied.

      Building and Development Fees                                                                          4,809               3,993      The performance obligations vary in each agreement but include respite and care service hours completed; events, workshops
      Permits and Licences                                                                                   1,221               1,130      and exhibitions held; and programs developed and completed.
      Fines and Penalties                                                                                      264                 196
      Registration Fees                                                                                                                     Payment terms vary depending on the terms of the grant. Cash is received upfront for some grants and on the achievement
                                                                                                               482                 460
                                                                                                                                            of certain payment milestones for others.
      Parking Penalties                                                                                      1,145               1,236
      User Fees and Charges                                                                                    904                 706      Each performance obligation is considered to ensure that the revenue recognition reflects the transfer of control and within
      Other Statutory Fees                                                                                     565                 500      grant agreements there may be some performance obligation where control transfers at a point in time and others which have
      Total Fees and Charges                                                                                 9,390              8,221       continuous transfer control over the life of the contract.

                                                                                                                                            Where control is transferred over time, generally the input methods being either costs or time incurred are deemed to be the
                                                                                                                                            most appropriate methods to reflect the transfer of benefit.

                                                                                                                                            Grant Income under AASB 1058




                                                                                                                                                                                                                                                                                Noosa Council Annual Report 23/24
                                                                                                                                            Where Council receives an asset for significantly below fair value, the asset is recognised at fair value, related liability (or
                                                                                                                                            equity items) are recorded and income then is recognised for any remaining asset value at the time that the asset is received.

                                                                                                                                            Capital Grants
                                                                                                                                            Where Council receives funding under an enforceable contract to acquire or construct a specified item of property, plant and
                                                                                                                                            equipment which will be under Council's control on completion, revenue is recognised as and when the obligation to construct
                                                                                                                                            or purchase is completed. For construction projects this is generally as the construction progresses in accordance with costs
                                                                                                                                            incurred.




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