Annual Report 2016-17

                                                                                                 Financial Statements 2017



 Noosa Shire Council

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

Note 9. Trade and Other Receivables (continued)
                                                                                                       2017                 2016
                                                                                                       $'000                $'000

Current

Rateable Revenue and Utility Charges                                                                  4,431             4,337
Other Debtors                                                                                             25               63
GST Recoverable                                                                                       1,053               561
Accrued Revenue                                                                                       2,415             2,172
Prepayments                                                                                             382               457
Fees and Charges                                                                                      1,59_3              982
TOTAL CURRENT TRADE AND OTHER RECEIVABLES                                                            9,899             8,572
                                                                                             -
Non-Current

Loans and Advances to Associates                                                                    _1_~.2.!8__   -
TOTAL NON-CURRENT TRADE AND OTHER RECEIVABLES                                                      49,218

Interest is charged on outstanding rates at a rate of 11% per annum. There is no
concentration of credit risk for rates and utility charges, fees and other debtors
receivable. All known bad debts were written-off at 30 June.
A new loan agreement for the subordinated debt was executed on the 21 June 2013.
The new interest only loan structure terminates on the 30 June 2033 with the interest
rate set by QTC annually. Applicable interest rate for 2017 was 5.33% (2016: 5.36%).




Note 10. Investment Property


Investment property is property held for the primary purpose of earning rentals and/or
capital appreciation.
Investment property is measured using the fair value model. This means all
investment property is initially recognised at cost (including transaction costs) and then
subsequently revalued annually at the balance date.
Gains or losses arising from changes in the fair value of investment property are
recognised as incomes or expenses respectively for the period in which they arise.
Investment property is not depreciated and is not tested for impairment.

Fair value at Beginning of Financial Year                                                             4,150            3,831
Revaluation adjustment to the Income Account                                                            255              319

TOTAL INVESTMENT PROPERTY                                                                            4,405             4,150

Operating expenses in respect of investment property are shown in note 6.




                                                                                                                  page 16