Council archive · source document
Annual Report 2023-24
Very large file (13.9 MB): the original may take a few minutes to open or download. The page text below is quick to read.
Original PDF page 111, section 1. The text section number identifies this passage in the reader.
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 10. Cash, Cash Equivalents and Investments (continued) Note 11. Receivables (continued)
§Note/Subtotal§ §Note/Subtotal§
§Total§ §Total§
$ '000 2024 2023 $ '000 2024 2023
Restricted and Internally Allocated Cash and Cash Equivalents Current
Rates and Charges 5,497 5,018
Cash and Cash Equivalents 76,126 76,507 Other Debtors 66 4
Less: Externally Imposed Restrictions on Cash (23,048) (42,153) GST Recoverable 1,736 681
Unrestricted Cash 53,078 34,354 Accrued Revenues 4,674 3,711
Fees and Charges 7,212 2,690
Restricted Cash and Cash Equivalents
Loans and Advances to Community Organisations – 125
Council's cash and cash equivalents are subject to a number of internal and external restrictions that limit amounts available Total 19,185 12,229
for discretionary or future use. These include:
less: Provision for Impairment
Fees and Charges (34) (6)
(i) Externally Imposed Expenditure Restrictions at the reporting Date relate to
the following Cash Assets: Total Provision for Impairment - Receivables (34) (6)
Total Current Receivables 19,151 12,223
Unspent Government Grants and Subsidies 16,444 33,601
Unspent Levy Funds 4,226 6,203
Unspent Developer Contributions Non-Current
§Total§
2,378 2,349
Total Externally Imposed Restrictions on Cash Assets 23,048 42,153 Loans and Advances to Associates 49,218 49,218
Total Non-Current Receivables 49,218 49,218
(ii) Internal Allocations of Cash at the Reporting Date:
Internal Allocations of Cash may be lifted by a Council with a resolution.
Interest is charged on outstanding rates (11.64% per annum from 1 July 2023, previously 8.17% per annum). No interest
§Total§
Future Asset Replacement 3,815 3,357 is charged on other debtors. There is no concentration of credit risk for rates and utility charges, fees and other debtors
receivables. Refer also to Note 29 for further information about credit risk.
Natural Disaster Rehabilitation 3,565 3,325
220 221
Waste Management 14,301 11,188 A loan agreement for the subordinated debt was executed on the 21 June 2013. The interest only loan structure terminates
Specific Purpose Recurrent 1,341 1,314 on 30 June 2033 with the interest rate set by QTC annually. Applicable interest rate for 2024 was 4.51% (2023: 4.01%).
Total Internally Allocated Cash 23,022 19,184
Accounting Policies - Receivables
§Total§
Total Unspent Restricted Cash 46,070 61,337 Receivables are measured at amortised cost which approximates fair value at reporting date. Trade debtors are recognised at
Cash and deposits at call are held in the Commonwealth Bank in a normal business cheque account. On call accounts are the amounts due at the time of sale or service delivery i.e. the agreed purchase/contract price. Settlement of these amounts
also held with QTC. Deposits at call earned variable interest over varying terms at interest rates between 3.95% and 5.59%. is required within 30 days from invoice date.
Investments Accounting Policies - Grouping
Term deposits with an initial maturity term greater than three months are treated as investments, with deposits of less than When Council has no reasonable expectation of recovering an amount owned by a debtor, and has ceased enforcement
three months being reported as cash equivalents. activity, the debt is written-off by directly reducing the receivable against the loss allowance. If the amount of debt written off
exceeds the loss allowance, the excess is recognised as an impairment loss.
Accounting for impairment losses is dependent upon the individual group of receivables subject to impairment. The loss
Note 11. Receivables allowance for grouped receivables reflects lifetime expected credit losses (ECL) and incorporates reasonable and supportable
§Note§
forward-looking information. Economic changes impacting debtors, and relevant industry data form part of the impairment
§Subnote§
assessment. Council has identified 3 distinctive groupings of its receivables: rates and charges, statutory charges and other
debtors.
Settlement of receivables is required within 30 days after the invoice is issued.
Rates and charges: Council is empowered under the provisions of the Local Government Act 2009 to sell an owner's property
Because Council is empowered under the provisions of the Local Government Act 2009 to sell an owner's property to recover
to recover outstanding rate debts and therefore the expected credit loss is immaterial. Impairment of rates and charges will
outstanding rate debts, Council does not impair rate receivables.
occur only if arrears are deemed to be greater than the proceeds Council would receive from the sale of the respective property.
Noosa Council Annual Report 23/24
All known bad debts were written-off at 30 June. If an amount is recovered in a subsequent period it is recognised as revenue.
Statutory charges: In some limited circumstances Council may write off impaired statutory charges, on this basis Council
calculates an ECL for statutory charges (non-rates and utility charges). Although not material, disclosure is being made for
the purposes of public interest and transparency.
Other debtors: Council identifies other debtors as receivables which are not rates and charges or statutory charges. This
includes, but is not limited to property leases, respite services, venue hire, commercial waste charges and grants.
continued on next page ... Page 17 of 60 continued on next page ... Page 18 of 60
See the original
The page text is free to read. Viewing or downloading an original file needs an account.
Log in to see the originalLog in to download the original file
The download may take a few minutes. On mobile data, it is best to wait for Wi-Fi.