2022-11-14 GC Agenda - Item 5 - Attachment 1 - Annual Report 2021-22

Noosa Council
Notes to the Financial Statements
for the year ended 30 June 2022

Note 15. Property, Plant and Equipment (continued)
                                                                                                                                             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 3)                         Cost Approach      30/06/22         APV Valuers and   No observable active market - (i.e land         Queensland             Nil
2022: $175.1m                                                              Asset             utilised for footpaths, access restriction      Government
2021: $167.7m                                                              Management        purposes or has a volumetric title).            Statistician's
                                                                                             Land sales are analysed and compared            Office Land
                                                                                             taking into account area, location and          Development
                                                                                             other general site characteristics.             Activity Profile for
                                                                                             The hypothetical development approach           Noosa Shire
                                                                                             is used for land which is specialised in        (Median
                                                                                             nature and where no comparable land             Residential Sale
                                                                                             sales are available.                            Price)
                                                                                                                                             Most Recent
                                                                                                                                             Index Applied:
                                                                                                                                             15.2% -
                                                                                                                                             equivalent to 2
                                                                                                                                             years movement
                                                                                                                                             (2021)
Buildings (Level 3)                    Current            30/06/2020       Australis Asset   No active market due to the specialised         ABS Producer           Nil
2022: $70.6m                           replacement cost                    Advisory Group    nature of the assets and the services           Price Index: 3020
2021: $62.2m                                                                                 local government buildings provide.             Non-residential
                                                                                             Valuations are determined using unit            building
                                                                                             rates for construction taking into              construction,
                                                                                             consideration industry standard cost            Queensland
                                                                                             guides, project costs from recently             Most Recent
                                                                                             completed buildings.                            Index Applied:
                                                                                             Other inputs to cost, useful life and           15.5% equivalent
                                                                                             remaining life include economic value,          to 2 years (2022)
                                                                                             legal and commercial obsolescence,
                                                                                             industry standards, asset condition and
                                                                                             consumption rating applied. All buildings
                                                                                             are separated into different components
                                                                                             with value determined based on a range
                                                                                             of interrelating factors. i.e. sub-structure,
                                                                                             superstructure, roof, electrical and
                                                                                             lighting, fitout and fittings, fire services,
                                                                                             HVA, mechanical and security services.




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