Annual Report 2019-20

Noosa Shire Council

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

Note 22. Other Liabilities
                                                                                                2020            2019
                                                                                 Notes          $'000           $'000


Current
Waste Levy Refund received in advance                                                              -           1,941
Unearned Revenue                                                                               1,561             827
Prepaid Rates Liability                                                                        1,597               -
TOTAL CURRENT OTHER LIABILITIES                                                               3,158           2,768

The State Government made an advance payment to Council in June 2019 to mitigate the impacts on households
for 2019/20 of the State Waste Levy, which took effect from 1 July 2019. The Council is liable to the State for
payment of the Levy on most forms of commercial and household waste delivered to its disposal sites from
1 July 2019.
The State is required to make an annual payment to the Council that essentially refunds the Council for the portion
of the Levy that relates to households. Council will fund the portion of the Levy that relates to commercial waste
through charges to commercial users of disposal sites. As at 30 June 2020, Council had not received an advanced
payment in respect to the 2020/21 Waste Levy and accordingly no liability was recognised.

Note 23. Asset Revaluation Surplus
The asset revaluation surplus comprises adjustments relating to changes in value of property, plant and equipment
that do not result from the use of those assets. Net incremental changes in the carrying value of classes of
non-current assets since initial recognition are accumulated in the asset revaluation surplus. Increases and
decreases on revaluation are offset within a class of assets.

Where a class of assets is decreased on revaluation, that decrease is offset first against the amount remaining
in the asset revaluation surplus in respect of that class. Any excess is treated as an expense. When an asset is
disposed of, the amount in respect of that asset is retained in the asset revaluation surplus and not transferred to
retained surplus.

                                                                             Balance at
                                                                            beginning of                 Balance at end
                                                                                    year    Movements           of year
                                                                                  $'000          $'000              $'000


Movements in the Asset Revaluation Surplus:

2020
Land                                                                          23,020               -         23,020
Buildings                                                                      9,348          (3,321)         6,027
Stormwater                                                                    13,818          21,835         35,653
Roads and Bridges                                                                  -          17,201         17,201
Other Infrastructure Assets                                                    4,623               -          4,623
                                                                             50,809          35,715          86,524

2019
Land                                                                          13,950           9,070         23,020
Buildings                                                                      9,348               -          9,348
Stormwater                                                                    13,818               -         13,818
Other Infrastructure Assets                                                    4,623               -          4,623
                                                                             41,739           9,070          50,809
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