2015-10-14 Audit & Risk Committee Meeting - Draft Annual Financial Statements

NOOSA SHIRE COUNCIL

Notes to the financial statements
For the year ended 30 June 2015
                                                                                                                             2014
                                                                                                           2015           (6 months)

                                                                                               Note          $                $
 9 Cash assets and cash equivalents                                                           1.8
      Cash at bank and on hand                                                                                175,276           77,994
      Deposits at call                                                                                     34,715,898       31,045,060
      Term deposits                                                                                        16,000,000             -
      Less QTC working capital loan facility                                                                     -          (2,230,042)
      Total cash and cash equivalents per cash flow statement                                              50,891,174       28,893,012


             Externally imposed expenditure restrictions at the reporting date relate to the following assets:
             Unspent levy funds                                                                              6,247,670       4,202,197
             Unspent developer contributions                                                                 3,222,716       2,356,092
             Unspent government grants and subsidies                                                           116,220          38,926
             Unspent carbon tax                                                                                635,000         223,000
             Unspent loan monies                                                                                  -            128,138

             Internally imposed expenditure restrictions at the reporting date relate to the following assets:
             Natural Disaster Rehabilitation                                                                  2,249,000      3,776,581
             Plant Replacement                                                                                     -              -
             Future asset replacement                                                                         5,335,180      5,335,180
             Waste Management                                                                                 3,466,035      2,594,694
             Specific purpose recurrent                                                                       2,202,431      1,978,395
             Total unspent restricted cash held in reserves                                                 23,474,251      20,633,203

        Cash and deposits at call are held in the Commonwealth Bank in a normal
        business cheque account. On call accounts are also held with QTC.
        Deposits at call earned fixed interest over varying terms at interest rates of
        between 2.8% and 3.19%.

10 Trade and other receivables                                                                1.9
       (a) Current
           Rateable revenue and utility charges                                                             4,165,668        4,159,585
           Fees and charges                                                                                   806,010        1,016,774
           GST recoverable                                                                                    457,957          339,407
           Other debtors                                                                                         -                -
           Inter-entity balance with SCRC                                                                        -          10,501,227
                                                                                                            5,429,635       16,016,992
             Prepayments                                                                                      646,006          411,901
             Accrued Revenue                                                                                2,451,255        2,377,385
                                                                                                            8,526,896       18,806,279
        (b) Non-current
            Loans and advances to associates                                                  1.11         49,217,517       49,217,517
                                                                                                           49,217,517       49,217,517
        Interest is charged on outstanding rates at a rate of 11% per annum. No interest
        is charged on other debtors. There is no concentration of credit risk for rates and
        utility charges, fees and other debtors receivable.

        A new loan agreement for the subordinated debt was executed on the 21 June
        2013. The new interest only loan structure terminates on the 30 June 2033 with
        the interest rate set by QTC annually. Applicable interest rate for 2015 was
        5.47% (2014 5.38%).

11 Equity investments

    Details of the associate is as follow.

    Name of Associate -              Unitywater
    Principal Activity -              Water and sewerage services
    Place of Operations -            Moreton Bay, Sunshine Coast & Noosa Regions
    Proportion of participation -    4.25%




                                                                   Page 18