Annual Report 2016-17

                                                                                            Financial Statements 2017



Noosa Shire Council

Notes to the Financial Statements
 for the year ended 30 June 2017

Note 8. Cash and Cash Equivalents (continued)
                                                                                                  2017              2016
                                                                                                  $'000             $'000

Restricted Cash and Cash Equivalents (continued)

Internally imposed Expenditure Restrictions at the reporting date relate to the
following assets:
Future Asset Replacement                                                                          8,461            7,364
Natural Disaster Rehabilitation                                                                   2,343            2,271
Waste Management                                                                                  3,512            3,616
Specific Purpose Recurrent                                                                        1,941            1,874
Total Internal Restrictions                                                                    16,257            15,125

Total Unspent Restricted Cash and Cash Equivalents                                             32,807           26,709

Cash and deposits at call are held in the Commonwealth Bank in a normal business cheque account.
On call accounts are also held with QTC. Deposits at call earned variable interest over varying terms at interest
rates of between 2.44% and 2.96%.


Investments
Term deposits in excess of three months are reported as investments, with deposits of less than three months
being reported as cash equivalents.




Note 9. Trade and Other Receivables


Receivables
Trade receivables are recognised at the amounts due at the time of sale or service delivery i.e. the agreed
purchase price I contract price. Settlement of these amounts is required within 30 days from invoice date.
The collectability of receivables is assessed periodically and if there is objective evidence that Council will not be
able to collect all amounts due, the carrying amount is reduced for impairment. The loss is recognised in finance
costs. The amount of the impairment is the difference between the asset's carrying amount and the present value
of the estimated cash flows discounted at the effective interest rate.

All known bad debts were written-off at 30 June 2017. Subsequent recoveries of amounts previously written off in
the same period are recognised as finance costs in the Statement of Comprehensive Income. If an amount is
recovered in a subsequent period it is recognised as revenue.

Because Council is empowered under the provisions of the Local Government Act 2009 to sell an owner's property
to recover outstanding rate debts, Council does not impair any rate receivables.




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