Annual Report 2014-15

NOOSA SHIRE COUNCIL

Notes to the financial statements
For the year ended 30 June 2015
                                                                                                         2014
                                                                                        2015          (6 months)
                                                                             Note         $                $
 25 Reconciliation of net result for the year to net cash
     inflow (outflow) from operating activities
         Net result                                           ,                        17,829,742     973,500,645                    :
         Non-cash operating items:
             Impairment of receivables and bad debts written off                            6,340             909
             Depreciation and amortisation                                 8           15,919,507        7,779,655
             Change in restoration provisions expensed to finance costs                    78,320             -
             Interest expense capitalised in QTC loans                                  2,266,452        1,137,954
                                                                                       18,270,619        8,918,518
         Investing and development activities:
             Capital grants, subsidies and contributions                   4            (6,278,627)     (2,358,968)
             Capital income                                                               (604,515)         (7,228)
             Capital expenses                                                             900,880         315,945
             Net equity income from investments                                         (3,194,976)     (1,038,745)
             Net gain on restructure of local govenrment                                      -       (972,198,129)
                                                                                        (9,177,238)   (975,287,126)
         Changes in operating assets and liabilities :
             (Increase) decrease in receivables                                           (191,082)    (2,124,994)
             (Increase) decrease in inventories (excluding land)                              {613)       (103,425)
             Increase (decrease) in payables                                              758,379        3,969,228
             Increase (decrease) in provisions                                            (343,732)     (3,926,236)
             Increase (decrease) in other liabilities                                     338,572           84,406
                                                                                          561,524       (2,101,021)       .
         Net cash inflow from operating activities                                     27,484,647        5,031,016

 26 Operating lease income
       The council has leased properties to various tenants under commercial
       lease arrangements.
       The expected future income is as follows:
             Within One Year                                                              338,264          300,614
             Within One to Five Years                                                     788,825          §03,190
             Greater Than Five Years                                                          -            -
            Total                                                                        1,127,089         803,804
 27 Correction of prior period adjustments
         (a) Assets not previously recognised
         During the financial year Council became aware of some assets in       ;
         property plant and equipment that were not previously recognised.
                       §                                                         f

         Consequently the assets have been recognised retrospectively and
         certain comparative figures have been restated, as disclosed in this
         note.
         Summary details of assets not previously recognised are as follows:
             Road and Bridge Network                                                     1,500,947
             Buildings                                                      13            174,067             -
             Gain from assets not previously recognised                                  1,675,014            -
         (b) Commitments for expenditure - operating leases
         During 2013/14 an error was identified with the prior year calulation of
         contractual commitments for IT operating leases.
         The rental charge was calculated as being a monthly expense as
         opposed to quarterly charge and resulted in an overstatement of
         operating lease commitments of $511,516.

         Consequently, comparative figures have been restated in note 20.

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