Annual Report 2014-15

NOOSA SHIRE COUNCIL_
            Notes to the financial statements
           For the year ended 30 June 2015
                                                                                                                    2014
                                                                                      .             2015          {6 months)
                                                                                        Note          $               $
                             Current portion                                                             -               -
                             Non-current portion                            .                       7,797,389       7,719,069
:                                                                                                   7,797,389       7,719,069
                    This is the present value of the estimated future cost of restoring the
                    Noosa landfill under the State Government environmental! regulations
                    at the end of its useful life.

                        {ii) Quarry sites
                             Balance at the beginning of financial year                                50,000            -
                             Transferred from de-amalgamated council                                     =             50,000
                             Balance at end of the financial year                                      50,000          50,000
                             Current portion                                                             -               -
                             Non-current portion                                                       60,000          50,000
                                                                                                       50,000          50,000
                    This is the present value of the estimated future cost of restoring the
                    quarry sites under the State Government environmental regulations at
                    the end of its useful life.

            18 Borrowings                                                               1.17
                    Unsecured borrowings
                Unsecured borrowings are provided by the Queensland Treasury
                Corporation.
                All borrowings are in AUD denominated amounts and carried at amortised
                cost, interest being expensed as it accrues. No interest has been
                capitalised during the current or comparative reporting period. Expected
                final repayment dates vary from 19 November 2025 to 4 December 2026.
                 There have been no defaults or breaches of the loan agreement during
                the period.
                Principal and interest repayments are made quarterly in arrears.
                Details of borrowings at balance date are:
                    Current
                        Queensland Treasury Corporation                                             2,633,065       2,600,397
                    Non Current
                        Queensland Treasury Corporation                                            36,747,480      38,576,628
                Details of movements in borrowings:
                    Queensland Treasury Corporation
         \                   Balance at the beginning of financial year                            41,177,025            -
         ;                   Loans raised                          \                                  794,000      2,300,000
                             Loans recognised on the de-amalgamation from SCRC                           -         40,048,048 .
                             Loan interest capitalised in period                                    2,266,452       1,137,954
                             Principal repayments                                                  (4,856,932)     (2,308,977)
                             Balance at end of the financial year                                  39,380,545      41,177,025
                        Classified as :
                             Current                                                                2,633,065       2,600,397
                             Non-current                                                           36,747,480      38,576,628

                                                                          Pane 9