Annual Report 2023-24

      Noosa Council




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

      Note 15. Property, Plant and Equipment (continued)
                                                                                                                                               Index applied
                                                                Last                                                                           (change in index      Other interim
                                             Valuation          comprehensive                     Key assumptions and estimates                last applied to       revaluation
      Asset Class and Fair Value Hierarchy   approach           valuation date   Valuer engaged   (related data sources)                       asset class)          adjustment

      Bridges (Level 3)                      Current            30/06/2023       Stantec          Unit rates are developed according to        ABS Producer          Nil
      2024: $81.2m                           replacement cost                                     varying material types used for              Price Index: 3101
      2023: $82.0m                                                                                construction, as well as deck area, size     Road and bridge
                                                                                                  and length.                                  construction,
                                                                                                  Construction estimates were based on         Queensland
                                                                                                  actual contract prices for recently          No indexation has
                                                                                                  completed projects or supply quotes for      been applied
                                                                                                  similar assets.                              since the most
                                                                                                  Significant bridges were separately          recent
                                                                                                  assessed by the valuer. Other inputs         comprehensive
                                                                                                  considered include obsolescence, asset       valuation.
                                                                                                  condition and useful life.
      Storm water (Level 3)                  Current            30/06/2024       Jones Lang       Unit rates determined using market costs     ABS Producer          CCTV stormwater
      2024: $148.5m                          replacement cost                    LaSalle          for supply and installation of similar       Price Index: 3101     project to validate
      2023: $169.3m                                                                               assets or their modern equivalent taking     Road and bridge       asset component,
                                                                                                  into consideration variables such as         construction,         location and
                                                                                                  asset size, depth, location and soil type.   Queensland            condition
                                                                                                  The first principles approach to deriving    No indexation has     assessments
                                                                                                  unit rates also consists of breaking down    been applied as       ongoing.
                                                                                                  each asset into its construction elements    this asset class is
                                                                                                  including excavation, construction, and      subject to
                                                                                                  installation. Stormwater assets are          comprehensive
                                                                                                  componentised into the significant           revaluation in the
                                                                                                  components which may provide different       current year.
                                                                                                  function, economic benefit life. i.e.
                                                                                                  pipework, valves, culverts, manholes,
240                                                                                               headwalls, bio-retention basins. Other                                                   241
                                                                                                  inputs considered include obsolescence,
                                                                                                  asset condition and useful life.
      Investment Property (Level 2)          Market value       30/06/2024       AEC Group        Two calculation methodologies underpin       Not Applicable        Nil
      2024: $3.8 million                                                                          the market based valuation approach:         Valuations
      2023: $4.0 million                                                                          - Capitalisation rate valuation approach     completed
                                                                                                  - Discounted cashflow valuation              annually
                                                                                                  approach




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                                                                                                                                                                                           Noosa Council Annual Report 23/24