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       $               $

15 Intangible assets
       Net carrying value at period end:
           Computer Software                                                                2,701,457      2,268,600
                                                                                            2,701,457      2,268,600
        Computer Software
           Opening gross carrying value                                                     2,290,109           -
           Acquired at cost                                                                   342,232      2,171,862
           Assest transferred from de-amalgamated Council                                        -           118,247
                                                                                            2,632,341      2,290,109
            Accumulated amortisation
            Opening balance                                                                    21,509           -
            Amortisation in the period                                                        250,865         21,509
                                                                                              272,374         21,509
            Net carrying value                                                              2,359,967      2,268,600
            Work in progress                                                                  341,490           -
        Total carrying value at end of the financial year                                   2,701,457      2,268,600

        Straight line amortisation has been used with no residual value.
        Software has a useful life estimated at ten years.

16 Trade and other payables
       Current
           Accruals                                                                         3,497,696      2,054,226
           Creditors                                                                        1,074,460      1,185,975
           Employee related accruals                                                          766,541        835,081
           Annual leave                                                          1.16 (c)   2,301,569      2,484,788
           Other entitlements                                                                  95,877        109,720
                                                                                            7,736,143      6,669,789

        Employee benefit expenses are calculated at current pay levels and
        adjusted for inflation and likely future changes in salary level.
        The non-current portion of annual leave and long service leave is then
        discounted to the present value. Further details on employee
        entitlements are reported in Note 1.16

17 Provisions
       Current
           Long service leave                                                    1.16(b)    4,114,389      4,358,384
                                                                                            4,114,389      4,358,384
        Non-Current
           Long service leave                                                    1.16(b)     347,535         447,272
           Property restoration:
               (i) Landfill sites                                                           7,797,389      7,719,069
               (ii) Quarry sites                                                               50,000         50,000
                                                                                            8,194,924      8,216,341

        Details of movements in provisions:
            Long service leave
                 Balance at the beginning of financial year                                 4,805,656            -
                 Transferred from de-amalgamated council                                         -          5,751,090
                 Amount provided for in the period                                            318,483         258,040
                 Amount paid in the period                                                   (662,215)     (1,203,475)
                 Balance at end of the financial year                                       4,461,924       4,805,656

            (i) Landfill sites
                Balance at the beginning of financial year                                  7,719,069           -
                Transferred from de-amalgamated council                                          -         4,598,150
                Increase in provision - due to change in time                                  78,320           -
                Accounting adjustment on de-amalgamation                                         -         3,120,919
                Balance at end of the financial year                                        7,797,389      7,719,069



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