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     $               $
                 Current portion                                                               -              -
                 Non-current portion                                                      7,797,389      7,719,069
                                                                                          7,797,389      7,719,069
        This is the present value of the estimated future cost of restoring the
        Noosa landfill under the State Government environmental regulations
        at the end of its useful life.
        Cash funds committed to meet this liability at the reporting date are:
                                                                                          6,078,320            -
            (ii) Quarry sites
                 Balance at the beginning of financial year                                  50,000           -
                 Transferred from de-amalgamated council                                       -            50,000
                 Balance at end of the financial year                                        50,000         50,000

                 Current portion                                                               -              -
                 Non-current portion                                                         50,000         50,000
                                                                                             50,000         50,000
        This is the present value of the estimated future cost of restoring the
        quarry sites under the State Government environmental regulations at
        the end of its useful life.

18 Borrowings                                                                     1.17
        Unsecured borrowings
   Unsecured borrowings are provided by the Queensland Treasury
   Corporation.
   All borrowings are in AUD denominated amounts and carried at amortised
   cost, interest being expensed as it accrues. No interest has been
   capitalised during the current or comparative reporting period. Expected
   final repayment dates vary from 19 November 2025 to 4 December 2026.

     There have been no defaults or breaches of the loan agreement during
    the period.
    Principal and interest repayments are made quarterly in arrears.

    Details of borrowings at balance date are:
        Current
             Queensland Treasury Corporation                                              2,633,065      2,600,397

        Non Current
           Queensland Treasury Corporation                                               36,747,480     38,576,628

    Details of movements in borrowings:
        Queensland Treasury Corporation
                 Balance at the beginning of financial year                              41,177,025           -
                 Loans raised                                                               794,000      2,300,000
                 Loans recognised on the de-amalgamation from SCRC                             -        40,048,048
                 Loan interest capitalised in period                                      2,266,452      1,137,954
                 Principal repayments                                                    (4,856,932)    (2,308,977)
                 Balance at end of the financial year                                    39,380,545     41,177,025
             Classified as :
                 Current                                                                  2,633,065      2,600,397
                 Non-current                                                             36,747,480     38,576,628
                                                                                         39,380,545     41,177,025




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