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




      Donations and Contributions                                                                                                       (iii) Timing of Revenue Recognition for Grants, Subsidies, Contributions and Donations
      Where assets are donated or purchased for significantly below fair value, the revenue is recognised when the asset is acquired
      and controlled by the Council.                                                                                                                                                                      2024                                    2023
                                                                                                                                                                                                 Revenue                                 Revenue
      Donations and contributions are generally recognised on receipt of the asset since there are no enforceable performance                                                                 recognised            Revenue           recognised           Revenue
      obligations.                                                                                                                                                                            at a point in       recognised          at a point in      recognised
                                                                                                                                        $ '000                                                        time          over time                 time         over time
      Physical assets contributed to Council by developers in the form of road works, stormwater, land, infrastructure and park
      equipment are recognised as revenue when Council obtains control of the asset and there is sufficient data in the form of         Grants and Subsidies                                         2,346             57,445                5,828           18,793
      drawings and plans to determine the approximate specifications and values of such assets. Non-cash contributions with a           Donations                                                       13                  –                    3                –
      value in excess of the recognition thresholds are recognised as non-current assets. Those below the thresholds are recorded
                                                                                                                                        Contributions                                                4,377                  –                3,698                –
      as expenses.
                                                                                                                                                                                                    6,736             57,445                 9,529          18,793
      §Subnote§




      $ '000                                                                                              2024               2023

      (i) Operating                                                                                                                     Note 4. Interest and Other Income
                                                                                                                                        §Note§




      General Purpose Grants                                                                                102              2,353
                                                                                                                                        §Subnote§




                                                                                                                                        $ '000                                                                                                2024             2023
      State Government Subsidies and Grants                                                               1,784              2,499
      Commonwealth Government Subsidies and Grants                                                        2,636              2,579      (a) Interest and Investment Revenue
      Donations                                                                                              13                 12
      Contributions                                                                                          24                 26      Interest received from financial institutions and term deposits is accrued over the term of the investment.
      Total Recurrent Grants, Subsidies, Contributions and
      Donations                                                                                          4,559              7,469       Interest from Financial Institutions and Term Deposits                                               6,354            4,019
                                                                                                                                        Interest from Overdue Rates and Utility Charges                                                        705              413
216                                                                                                                                     Loan to Unitywater                                                                                   2,220            1,974       217
                                                                                                                                        Total Interest and Investment Revenue                                                                9,279            6,406
      (ii) Capital
      §Subnote§




      Capital revenue includes grants and subsidies received which are tied to specific projects for the replacement or upgrade of
      existing non-current assets and/or investment in new assets. It also includes non-cash contributions which are usually
                                                                                                                                        (b) Other Income
                                                                                                                                        §Subnote§




      infrastructure assets received from developers.
                                                                                                                                        Dividends are recognised when they are declared.
      State Government Subsidies and Grants *                                                           51,264               8,843
                                                                                                                                        Unitywater Income Tax Equivalent Received                                                            1,400            1,192
      Commonwealth Government and Grants                                                                 4,005               8,349
                                                                                                                                        Other                                                                                                1,344            1,449
      Contributions                                                                                      2,586               3,210
                                                                                                                                        Total Other Income                                                                                   2,744            2,641
      Non-monetary Developer Assets Contributed by Developers at Fair Value                              1,767                 451
      Total Capital Grants, Subsidies, Contributions and Donations                                      59,622             20,853

      State Government Subsidies and Grants is significantly higher than previous years due to the receipt of funding from the          Note 5. Capital Income
                                                                                                                                        §Note§




      Queensland Reconstruction Authority for the reconstruction of public assets damaged during the February 2022 flood event.
                                                                                                                                        §Subnote§




                                                                                                                                        $ '000                                                                            Notes               2024             2023

                                                                                                                                        Gain / Loss on disposal of Non-Current Assets
                                                                                                                                        Proceeds from the disposal of Property, Plant and Equipment                                               –             135
                                                                                                                                        Less: carrying value of disposed Property, Plant and Equipment                     15                     –             (70)
                                                                                                                                                                                                                                                  –               65




                                                                                                                                                                                                                                                                          Noosa Council Annual Report 23/24
                                                                                                                                        Gain on disposal of Non-Current Assets                                                                    –              65

                                                                                                                                        Revaluations
                                                                                                                                        Revaluation increment relating to Investment Property                              14                     –             700
                                                                                                                                                                                                                                                  –             700

                                                                                                                                        Total Capital Income                                                                                     –              765



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