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 - prior year
                                                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

                                                            2014            2014           2014              2014              2014              2014             2014             2014
                                                         (6months)       (6months)       (6months)         (6months)         (6months)         (6months)        (6months)       (6months)
Asset Values                                                  $               $              $                 $                 $                 $                $                $
  Opening gross value as at 1 July 2013                   159,859,939      60,480,551       7,397,557       550,252,152       104,064,222        54,709,289        3,454,924      940,218,634
  Valuation adjustment on de-amalgamation        5        (38,979,941)     14,015,208            -           64,818,298        43,680,543        21,284,899       (2,241,057)     102,577,950
  Additions at cost                                             59,389          50,201         83,376           587,305             72,083        1,503,739          384,564        2,740,657
  Internal transfers from work in progress                       5,679            -             8,121            14,973             46,924             -             (75,698)             -
  Disposals                                                                       -            (3,003)             -                  -                -                                (3,003)
  Write-offs                                                                      -            (7,966)         (300,937)           (27,804)        (118,131)           -              (454,838)
  Closing gross value as at 30 June 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

Accumulated depreciation and impairment
  Opening balance as at 1 July 2013                                             -               -                   -                -                  -                               -
  Valuation adjustment on de-amalgamation        5                        14,436,757            -             85,310,488       42,599,233         21,666,226                     164,012,705
  Depreciation provided in period                8                           749,306         244,723           4,462,163          911,182          1,390,772                       7,758,146
  Depreciation on disposals                                                     -                 (76)              -                -                  -                                 (76)
  Depreciation on write-offs                                                    -             (1,545)            (91,843)         (11,745)           (33,761)                       (138,894)
                                                                                -               -                   -                -                  -
  Accumulated depreciation as at 30 June 2014                             15,186,063         243,102          89,680,808       43,498,670         23,023,238                     171,631,881

  Total written down value as at 30 June 2014             120,945,066     59,359,897       7,234,983        525,690,984       104,337,298         54,356,557      1,522,733      873,447,519

Range of estimated useful life in years                Not depreciated    30 - 100         3 - 20           10 - 120                   80       12 - 100
Addition of renewal assets                                        -              -              -                489,322           72,083         1,499,919         409,810         2,471,134
Addition of other assets                                       59,389          50,201         83,376              97,983             -                 3,820      1,188,621         1,483,390
Total additions in period                                      59,389          50,201         83,376             587,305           72,083         1,503,739       1,598,431         3,954,524
* ARS denotes - Asset Revaluation Surplus




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