Annual Report 2023-24

      Community                                                                                                               Background




                                                                                                                                                                                          Financial Performance
      Financial Report
                                                                                                                              Council’s annual financial statements are prepared
                                                                                                                              to comply with Australian Accounting Standards
                                                                                                                              and contain specific information regarding financial
                                                                                                                              performance.


                                                                                                                              Financial statements include:
                                                                                                                              — a Statement of Comprehensive Income
                                                                                                                                 (i.e. Profit and Loss),
      Overview                                                    1. An operating surplus of $7.4 million resulting from
                                                                  revenues received being higher than forecast,
                                                                                                                              — a Statement of Financial Position (i.e. Balance Sheet),
                                                                                                                              — a Statement of Changes in Equity, and
      This report simplifies the detailed financial information   good management of our expenditure, as well as some
                                                                                                                              — a Statement of Cash Flows.
      that Council is required to prepare under legislation       unspent levy and grant funds that are
      and provides a summary of Council financial                 required to be held for future use.
                                                                                                                              Collectively, these financial statements provide a formal
      performance for the 2023/24 financial year.
                                                                                                                              picture of the financial strength of an organisation.
                                                                  2. A net financial result of $46.8 million when including
      The period ended 30 June 2024 represents another            Council’s share of Unitywater’s annual profit,
                                                                                                                              The Community Financial Report (CFR) consists of five
      positive financial result for Council and provides a        capital revenue and capital expenditure to Council’s
                                                                                                                              key reporting elements, each of which has a specific
      firm foundation for future operations. Ongoing              operating position.
                                                                                                                              purpose for the measurement and presentation of
      innovation and a commitment to strong financial
                                                                                                                              Council’s finances. The linkages between the five key
      management through compliance with our Financial            3. State and federal government support for both
                                                                                                                              elements are shown in Figure 1.
      Sustainability policy will ensure that this position is     operating and capital projects continued with grant
188   maintained into the future.                                 funding increasing over the previous year with $59.8                                                                    189

                                                                  million received, with $47.2m relating to QRA
                                                                  funded disaster reconstruction projects.
      Highlights and                                                                                                          Figure 1
                                                                                                                              Financial Reporting Elements
      achievements                                                4. Continued investment in infrastructure replacement
                                                                  to maintain service levels to the community,
      Council has achieved another positive financial result      with $31.7 million in capital works delivered and a
      this year. The following outcomes were achieved             further $48.9 million in QRA funded disaster
      during the year:                                            projects underway.
                                                                                                                                          Statment                 Statment of
                                                                                                                                           of Cash                Comprehensive
                                                                                                                                            Flows                    Income


                                                                                            Over

          $132.1 million                                  Strong                            $1.4 billion                                                 Financial
                                                                                                                                                          Ratios




                                                                                                                                                                                          Noosa Council Annual Report 23/24
         Operating Revenue generated                  Cash & Debit Position                  in Community Equity

                                                                                                                                          Statment                    Statment

             $31 million                           $59.8 million                          Credit rating                                  of Changes
                                                                                                                                          in Equity
                                                                                                                                                                     of Financial
                                                                                                                                                                       Position
       on renewal of infrastructure Assets        received in Grants & Subsidies         Sound with a Neutral outlook
                                                                                                maintained