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 30. National Competition Policy                                                                                                Note 32. Transactions with Related Parties
      §Note/Subtotal§
      §Subnote§




                                                                                                                                          (a) Subsidiaries (ie. entities and operations controlled by Council)
                                                                                                                                          §Note/Subtotal§
                                                                                                                                          §Subnote§




      Business activities to which the code of competitive conduct is applied

      Council applies the competitive code of conduct to the following activities:                                                        Council has no interest in any Subsidiaries.

                        •   Waste Management
                                                                                                                                          (b) Associates
                                                                                                                                          §Subnote§




                        •   Holiday parks

      This requires the application of full cost pricing, identifying the cost of community service obligations (CSO) and eliminating     Council has a participating interest in the Northern SEQ Distributor-Retailer Authority (trading as Unitywater) governed by a
      the advantages and disadvantages of public ownership within that activity.                                                          Participation Agreement.

      The CSO value is determined by Council, and represents an activities cost(s) which would not be incurred if the primary             Transactions with Unitywater
      objective of the activities was to make a profit. The Council provides funding from general revenue to the business activity to     The amount of revenue and expenditure include in the Statement of Comprehensive Income, and the amount receivable or
      cover the cost of providing non-commercial community services or costs deemed to be CSO's by the Council.                           payable to Unitywater are as follows:

      The following activity statements are for activities subject to the competitive code of conduct:                                    $ '000                                                                        Notes                   2024              2023
      §Total§




                                                                                                                                          Revenue
                                                                                                        Waste                             Interest on Loans                                                               4(a)                2,220               1,973
      $ '000                                                                                       Management        Holiday Parks        Taxation Equivalents                                                           4(b)                 1,400               1,191
                                                                                                                                          Dividends                                                                      13(d)                2,326               2,780
      Revenue for services provided to the Council                                                           689                   –
      Revenue for services provided to external clients                                                   24,092               4,651      Amounts Receivable / (Payable)
      Community Service Obligations                                                                          145                   –      Interest                                                                                               555                493
                                                                                                         24,926               4,651       Dividends                                                                                            1,335              1,628
                                                                                                                                          Taxation Equivalents                                                                                 (137)              (501)
      Less: Operational Expenditure                                                                     (20,411)             (3,632)
256   Less: Landfill Restoration Provision                                                                 (529)                   –                                                                                                                                        257
                                                                                                                                          Loans
      Surplus/(Deficit)                                                                                    3,986               1,019
                                                                                                                                          Loans                                                                           11                 49,218             49,218

                                                                                                                                          Unitywater operates under an income tax equivalent regime; with all tax paid being distributed to the participating Councils
      Description of CSO's provided to business activities:                                                                               on a pro-rata basis to their participation rights.
      §Total§




                                                                                                                                          Dividends received by Council from Unitywater are recorded as a reduction in the carrying value of the non-current asset.
                                                                                                                           Net Cost
      Activities                                                CSO description                                               $´000       Shareholder loans provide for a fixed interest rate with quarterly interest only payments. Further detail regarding Unitywater
                                                                                                                                          is contained in Note 13 Equity Investments.
      Waste Management                                          Waste collection and disposal charges for
                                                                charitable organisations.                                        145
                                                                                                                                          (c) Joint ventures
                                                                                                                                          §Subnote§




                                                                                                                                          Council has no interest in any joint ventures.
      Note 31. Trust Funds
      §Note§




                                                                                                                                          (d) Key Management Personnel
                                                                                                                                          §Subnote§




      §Subnote§




      $ '000                                                                                                2024               2023
                                                                                                                                          Transactions with Key Management Personnel
      Monies collected or held on behalf of other entities yet to be paid out to or on behalf of
      those entities                                                                                        5,570              5,276      Councillors
                                                                                                            5,570              5,276      Cr Frank Wilkie (Mayor)
                                                                                                                                          Cr Clare Stewart (former Mayor)




                                                                                                                                                                                                                                                                            Noosa Council Annual Report 23/24
                                                                                                                                          Cr Karen Finzel
                                                                                                                                          Cr Joe Jurisevic (former Councillor)
      Funds held in trust represent security deposits lodged to guarantee contract performance, operational works, event impacts          Cr Amelia Lorentson
      and maintenance obligations. Council performs only a custodian role in respect of these funds until such times as the underlying    Cr Jessica Phillips
      obligations are met and the funds are released. As these funds cannot be used for Council purposes, they are not bought to          Cr Brian Stockwell
      account in the financial statements.                                                                                                Cr Tom Wegener
                                                                                                                                          Cr Nicola Wilson
      Where performance obligations are not met then the funds are transferred to Council as compensation towards undertaking
      associated rectification works.




                                                                                                                          Page 46 of 60   continued on next page ...                                                                                        Page 47 of 60