Annual Report 2019-20

Noosa Shire Council

Notes to the Financial Statements
for the year ended 30 June 2020

Note 10. Receivables
                                                                                               2020            2019
                                                                                Notes          $'000           $'000

Receivables, loans and advances are amounts owed to council at year end. They are recognised at the amount
due at the time of sale or service delivery or advance. Settlement of receivables is required within 30 days after
invoice is issued. Terms for loans and advances are usually a maximum of five years with interest charged at
non-commercial rates. Security is not normally obtained.
Debts are regularly assessed for collectability and allowance is made, where appropriate, for impairment.
All known bad debts were written-off at 30 June. If an amount is recovered in a subsequent period it is recognised
as revenue.
The loss is recognised in finance costs. The amount of the impairment is the difference between the asset’s
carrying amount and the present value of the estimated cash flows discounted at the effective interest rate.
Subsequent recoveries of amounts previously written off in the same period are recognised as finance costs in the
Statement of Comprehensive Income.
Because Council is empowered under the provisions of the Local Government Act 2009 to sell an owner's
property to recover outstanding rate debts, Council does not impair rate receivables.

Current
Rates and Charges                                                                             5,007          4,461
Other Debtors                                                                                    12              4
GST Recoverable                                                                                 688            632
Accrued Revenues                                                                              1,846          2,087
Fees and Charges                                                                              1,221          1,447
Loans and Advances to Community Organisations                                                   125            125
Total                                                                                         8,899          8,756

less: Provision for Impairment
Fees and Charges                                                                                (16)               (4)
Total Provision for Impairment - Receivables                                                    (16)               (4)

TOTAL CURRENT RECEIVABLES                                                                    8,883          8,752

Non-Current
Loans and Advances to Associates                                                             49,218         49,218
Loans and Advances to Community Organisations                                                   375            500

TOTAL NON-CURRENT RECEIVABLES                                                               49,593         49,718




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