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     $              $
        The QTC loan market value at the reporting date was $44,938,354.70

        This represents the value of the debt if Council repaid it at that date.
        As it is the intention of Council to hold the debt for its term, no
        provision is required to be made in these accounts.
        No assets have been pledged as security by the council for any
        liabilities.
        Borrowings are all in $A and are underwritten by the Queensland State
        Government.

19 (i) Asset revaluation surplus
        Balance at the beginning of financial year                                                 -            -

            Buildings                                                                       5,638,455           -
            Storm Water                                                                     8,695,652           -
        Balance at end of the financial year                                               14,334,107           -

20 Commitments for expenditure
      Operating leases
         Minimum lease payments in relation to non-cancellable operating
         leases are as follows:
              Within one year                                                                330,919        658,948
              Later than 1 year but not later than 5 years                                    33,726        333,285
              Later than 5 years                                                                -              -
                                                                                             364,645        992,233
        Operating leases are entered into for motor vehicles and IT equipment.
        Lease payments are generally fixed, but with inflation clauses on
        which future rentals are determined.

        Contractual Commitments
           Contractual commitments at balance date but not recognised
           in the financial statements are as follows:
                Within one year                                                            13,496,071     5,162,500
                One to five years                                                          13,192,800     1,671,416
                Later than five years                                                            -             -
                                                                                           26,688,871     6,833,916

        Capital Commitments
           Commitment for the construction of the following assets
           contracted for at the reporting date but not recognised as liabilities
           are as follows:
                Roads, Bridges and Stormwater                                               6,395,227       510,800
                Pathways                                                                      217,581       514,500
                Other                                                                       6,612,808       238,700
                                                                                            8,059,208     1,264,000
             These expenditures are payable :
                Within one year                                                             8,059,208     1,264,000
                Later than 1 year but not later than 5 years                                     -             -
                Later than 5 years                                                               -             -
                                                                                            8,059,208     1,264,000

21 Events after balance date
      There were no material financial adjusting events after balance date.




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