Annual Report 2014-15

NOOSA SHIRE COUNCIL

         Notes to the financial statements
         Eor the year ended 30 June 2015
                                                                                                                 2014
                                                                                                 2015         (6 months)
                                                                                     Note          $               $
          15 Intangible assets
:   ,             Net carrying value at period end:
                      Computer Software                                                          2,701,457       2,268,600
                                                                                                 2,701,457       2,268,600
                  Computer Software
                      Opening gross carrying value                                               2,290,109            -
                      Acquired at cost                                                             342,232       2,171,862
                      Assest transferred from de-amalgamated Council                                  -            118,247
                                                                                                 2,632,341       2,290,109
                      Accumulated amortisation
                      Opening balance                                                               21,509            -
                      Amortisation in the period                                                   250,865          21,509
                                                                                                   272,374          21,509
                      Net carrying value                                                         2,359,967       2,268,600
                      Work in progress                                                             341,490            :
                  Total carrying value at end of the financial year                              2,701,457       2,268,600

                  Straight line amortisation has been used with no residual value.
                  Software has a useful life estimated at ten years.

          16 Trade and other payables
                  Current
                      Accruals                                                                   3,497,696       2,054,226
                     Creditors                                                                   1,074,460       1,185,975
                      Employee related accruals                                                    766,541         835,081
                      Annual leave                                                  1.16 (c)     2,301 569       2,484,788
                      Other entitlements                                                            95,877         109,720
                                                                                                 7,736,143       6,669,789

                  Employee benefit expenses are calculated at current pay levels and
                  adjusted for inflation and likely future changes in salary level.
                  The non-current portion of annual leave and Jong service leave is then
                  discounted to the present value. Further details on employee
                  entitlements are reported in Note 1.16

          17 Provisions
                  Current
                      Long service leave                                            1.16(b)      4,114,389       4,358,384
                                                                                                 4,114,389       4,358,384
                  Non-Current
                      Long service leave                                            1.16(b)        347,535         447,272           ’
                      Property restoration:
                          {i) Landfill sites                                                     7,797,389       7,719,069           .
                          {ii} Quarry sites                                                         50,000          50,000
                                                                                                 8,194,924       8,216,341

                  Details of movements in provisions:
                      Long service leave
                          Balance at the beginning of financial year                             4,805,656            -
                          Transferred from de-amalgamated council                                     -          5,751,090
                          Amount provided for in the period                                        318,483         258,040
                          Amount paid in the period                                               (662,215)     (1,203,475)
                          Balance at end of the financial year                                   4,461,924       4,805,656

                      (i) Landfill sites
                          Balance at the beginning of financial year                             7,719,069            -
                          Transferred from de-amalgamated council                                     -          4,598,150
                          Increase in provision - due to change in time                             78,320 =.         -
                          Accounting adjustment on de-amalgamation                                    :          3,120,919
                          Balance at end of the financial year                                   7,797,389       7,719,069

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