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

13 Property, plant and equipment
                                               Note        Land         Buildings       Plant and      Road and Bridge    Storm Water         Other          Works in         Total
                                                                                        Equipment         Network                         Infrastructure     progress
                                                                                                                                              Assets
Basis of measurement                                     Valuation      Valuation         Cost            Valuation        Valuation        Valuation         Cost
                                                           2015           2015            2015              2015             2015              2015           2015             2015
Asset Values                                                 $              $               $                 $                $                 $              $               $
  Opening gross value as at 1 July 2014                   120,945,066    74,545,960       7,478,085       615,371,792      147,835,968         77,379,795     1,522,733     1,045,079,399
  Minor correction to opening balance          27                           174,067            -             1,500,947             -                 -              -           1,675,014
  Additions at cost                                          789,083          62,352      1,374,301          3,944,045           15,010         3,215,079     5,939,431        15,339,301
  Contributed assets at valuation                                               -              -             1,251,001        1,187,113              -              -           2,438,114
  Internal transfers from work in progress                                      -              -                  -                -               66,306        (66,306)            -
  Disposals                                                                     -          (498,802)              -                -                 -              -            (498,802)
  Write-offs                                                                 (75,484)          -              (941,142)            -             (217,767)          -          (1,234,393)
  Revaluation adjust to other comprehensive
                                               19
  income. (ARS*)                                                          5,527,092            -                 -           12,930,121             -               -          18,457,213
  Internal transfers to other asset classes                              (2,479,014)           -                 -                 -           2,479,014            -                -
  Transfer to investment properties                       (2,220,000)    (1,769,877)           -                 -                 -                                -          (3,989,877)
  Closing gross value as at 30 June 2015                 119,514,149     75,985,096       8,353,584       621,126,643       161,968,212      82,922,427        7,395,858    1,077,265,969

Accumulated depreciation and impairment
  Opening balance as at 1 July 2014                                      15,186,063         243,102         89,680,808       43,498,670      23,023,238                      171,631,881
  Depreciation provided in period              8                          1,457,212         622,843          9,128,475        1,861,015       2,599,097                       15,668,642
  Depreciation on disposals                                                    -            (31,009)              -                -               -                             (31,009)
  Depreciation on write-offs                                                (25,077)           -              (283,032)            -           (133,950)                        (442,059)
  Revaluation adjust to other comprehensive
                                              19
  income. (ARS*)                                                           (111,363)           -                 -            4,234,469            -                           4,123,106
  Internal transfers to other asset classes                                (141,546)           -                 -                 -            141,546                             -
  Transfer to investment properties                                        (763,158)           -                 -                 -               -                            (763,158)
  Accumulated depreciation as at 30 June 2015                     -      15,602,131         834,936        98,526,251        49,594,154      25,629,931                      190,187,403
                                                                               -               -                 -                 -               -                                -
Consolidated written down value 30 June 2015             119,514,149     60,382,965       7,518,648       522,600,392       112,374,058      57,292,496        7,395,858     887,078,567

Range of estimated useful life in years               Not depreciated    3 - 72           1 - 50           0 - 150          17-100           0 - 100
Addition of renewal assets                                                   62,352        1,337,893         3,920,786          10,507           602,281       4,267,188      10,201,007
Addition of other assets                                     789,083            -             36,408         1,274,260       1,191,616         2,612,798       1,672,243       7,576,408
Total additions in period                                    789,083         62,352        1,374,301         5,195,046       1,202,123         3,215,079       5,939,431      17,777,415




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