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2022-11-14 GC Agenda - Item 5 - Attachment 1 - Annual Report 2021-22
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Noosa Council
Notes to the Financial Statements
for the year ended 30 June 2022
Note 15. Property, Plant and Equipment (continued)
§Note/Subtotal§
(3) Valuation techniques used to derive level 2 and level 3 fair values
Where Council is unable to derive fair valuations using quoted market prices of identical assets (ie. Level 1 inputs) Council instead utilises a spread of both observable inputs (Level 2
inputs) and unobservable inputs (Level 3 inputs).
The Fair Valuation techniques Council has employed while utilising Level 2 and Level 3 inputs are as follows:
§Total§
Index applied
Last (change in index Other interim
Valuation comprehensive Key assumptions and estimates recognised this revaluation
Asset Class and Fair Value Hierarchy approach valuation date Valuer engaged (related data sources) year) adjustment
Land (Level 2) Cost Approach 30/06/22 APV Valuers and Active and liquid market available for Queensland Nil
2022: $135.2m Asset comparison when determining Government
2021: $8.4m Management replacement cost. Statistician's
Land sales for similar properties are Office Land
analysed and compared taking into Development
account area, location and other general Activity Profile for
site characteristics. Noosa Shire
(Median
Residential Sale
Price)
Most Recent
Index Applied:
15.2% -
equivalent to 2
years movement
(2021)
continued on next page ... Page 28 of 62
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