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 18. Leases (continued)                                                                                                             Note 20. Borrowings
                                                                                                                                              §Note/Subtotal§
                                                                                                                                              §Subnote§




      Operating Leases                                                                                                                        Loans payable are measured at amortised cost using the effective interest rate method. The effective interest rate is the
      §Subnote§




      Where Council retains the risks and rewards relating to a lease, they are classified as operating leases and relate to the              rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument.
      investment property in the statement of financial position.                                                                             Borrowing costs, which includes interest calculated using the effective interest method and administration fees, are expensed
                                                                                                                                              in the period in which they arise. Costs that are not settled in the period in which they arise are added to the carrying amount
      Rent from investment and other property is recognised as income on a periodic straight line basis over the lease term.                  of the borrowing.

                                                                                                                                              All borrowing costs are expensed in the period in which they are incurred.
      The minimum lease receipts are as follows:
                                                                                                                                              Borrowings are classified as current liabilities unless Council has an unconditional right to defer settlement of the liability for
      Not later than one year                                                                                    394                 459      at least 12 months after the balance date.
      Between one and two years                                                                                  175                 399
      Between two and three years                                                                                146                 214      Council adopts an annual debt policy that sets out Council's management of existing and future debt. Council's current policy is
      Between three and four years                                                                               150                 145      to only borrow for capital projects and for a term no longer than the expected life of the asset. Council also aims to comply with
      Between four and five years                                                                                                             the Queensland Treasury Corporation's borrowing guidelines and ensure that sustainability indicators remain within acceptable
                                                                                                                 107                 148
                                                                                                                                              levels at all times.
      Later than five years                                                                                      372                 470
      Total Lease Receipts                                                                                     1,344               1,835
                                                                                                                                              $ '000                                                                                                     2024                 2023
      Rental income from investment property recognised in the operating result is $390,766 (2023: $382,992).
                                                                                                                                              Current
      Direct operating expenses primarily for repairs and maintenance on property that did not generate rental income for the period          Loans - Queensland Treasury Corporation                                                                    1,406               1,262
      were $5,241 (2023: $9,202). Direct operating expenses primarily for repairs and maintenance on property that did generate               Total Current Borrowings                                                                                 1,406                1,262
      rental income for the period were $53,371 (2023: $93,714).
                                                                                                                                              Non-current
      There are no restrictions on the realisability of investment property or remittance of income and proceeds of disposal. The             Loans - Queensland Treasury Corporation                                                                  23,449               23,083
      Council does not have any contractual obligations to purchase, construct or develop investment property or for repairs,
      maintenance or enhancements.                                                                                                            Total Non-Current Borrowings                                                                            23,449              23,083
246                                                                                                                                                                                                                                                                                     247

                                                                                                                                              Reconciliation of Loan Movements for the year
      Note 19. Payables
      §Note§




      §Subnote§
                                                                                                                                              Loans - Queensland Treasury Corporation
      $ '000                                                                                                    2024                2023      Opening balance at beginning of financial year                                                           24,345               25,300
                                                                                                                                              Loans Drawdown                                                                                             1,549                    –
      Trade Creditors                                                                                                                         Principal Repayments                                                                                     (1,709)              (1,652)
      Trade creditors are recognised upon receipt of the goods or services ordered and are measured at the agreed
                                                                                                                                              Loan Interest capitalised in period                                                                          670                  697
      purchase/contract price net of applicable discounts other than contingent discounts. Amounts owing are unsecured and are
                                                                                                                                              Book value at end of financial year                                                                      24,855               24,345
      generally settled on 30 day terms.
                                                                                                                                              The QTC loan market value at the reporting date was $20,918,343 (2023: $20,536,092). This represents the value of the debt
      Employee Related Accruals
                                                                                                                                              if Council repaid it at that date. As it is the intention of Council to hold the debt for its term, no provision is required to be made
      Employee related accruals comprise accrued salaries and wages in respect of services provided by the employees up to the
                                                                                                                                              in these accounts. No assets have been pledged as security by the council for any liabilities.
      reporting date. Liabilities for employee benefits are assessed at each reporting date. Where it is expected that the leave will
      be paid in the next twelve months the liability is treated as a current liability. Otherwise the liability is treated as non-current.   Borrowings are all in $AUD and are underwritten by the Queensland State Government.

      Current
      Employee Entitlements                                                                                       76                  49
      GST Payable                                                                                                876                 645
      Trade Creditors                                                                                          5,067               1,428
      Accruals                                                                                                17,740               7,277
      Employee Related Accruals                                                                                1,065                 849




                                                                                                                                                                                                                                                                                        Noosa Council Annual Report 23/24
      Total Current Payables                                                                                24,824              10,248




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