Annual Report 2016-17

                                                                                                                                                                                                                                            Financial Statements 2017




          Noosa Shire Council

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

          Note 11. Property, Plant and Equipment (continued)

          30 June 2016 (Restated)                                                                        Capital Work in
                                                                                                                                 Land           Buildings
                                                                                                                                                                  Plant and          Road and Bridge
                                                                                                                                                                                                          Storm Water
                                                                                                                                                                                                                           Other Infrastructure
                                                                                                                                                                                                                                                      Total
                                                                                                           Progress                                               Equipment             Network                                  Assets


                                                                                                              $'000              $'000            $'000             $'000                 $'000              $'000                $'000                $'000
          Measurement Basis                                                                       Note        Cost             Fair Value       Fair Value          Cost               Fair Value          Fair Value          Fair Value
          Opening Gross Balance - at Cost                                                                         7,396                  -                 -            8,354                     -                  -                     -              15,750
          Opening Gross Balance - at Fair Value                                                                       -            119,514            75,985                -               621,126            161,968                82,922           1,061,515
          Opening Gross Balance as at 1 July 2015                                                                 7,396            119,514            75,985            8,354               621,126            161,968                82,922           1,077,265
          Correction to Opening Balances                                                          25                  -                  -            (1,289)               -                     -                  -                   (18)             (1,307)
          Additions*                                                                                             28,949              3,780                20            2,207                16,912              4,020                   436              56,324
          Contributed Assets (Restated) **                                                                            -                  -                 -                -                 1,193                829                     -               2,022
          Disposals                                                                               5,10                -                  -                 -             (758)                    -                  -                     -                (758)
          Write-offs                                                                              5,10                -                  -                 -                -                (2,107)                 -                  (131)             (2,238)
          Revaluation Adjustment to Other Comprehensive Income (Asset Revaluation Surplus)        17                  -              6,815             1,783                -                     -                  -                 4,134              12,732
          Work in Progress Transfers                                                                            (27,381)                 -                 -                -                     -                  -                     -             (27,381)
          Adjustments and Other Transfers                                                                           (85)                 -                 -                -                     -                  -                     -                 (85)
          Internal Transfers to Other Asset Classes                                                                   -                  -              (102)             505                  (855)               468                   (16)                  -
          Total Gross Value of Property, Plant and Equipment - at Cost as at 30 June 2016                         8,879                  -                 -           10,308                     -                  -                     -              19,187
          Total Gross Value of Property, Plant and Equipment - at Fair Value as at 30 June 2016                       -            130,109            76,397                -               636,269            167,285                87,327           1,097,387
          Total Gross Value of Property, Plant and Equipment as at 30 June 2016 (Restated)**                      8,879            130,109            76,397           10,308               636,269            167,285                87,327           1,116,574
          Opening Accumulated Depreciation as at 1 July 2015                                                               -                -         15,602                 835             98,527              49,594               25,630             190,188
          Correction to Opening Balances                                                          25                       -                -           (177)                  -                  -                   -                  (17)               (194)
          Depreciation Expense                                                                     7                       -                -          1,341                 712              9,648               2,042                2,940              16,683
          Disposals                                                                               5,10                     -                -              -                (151)                 -                   -                    -                (151)
          Write-offs                                                                              5,10                     -                -              -                   -             (1,128)                  -                  (63)             (1,191)
          Revaluation Adjustment to Other Comprehensive Income (Asset Revaluation Surplus)        17                       -                -            448                   -                  -                   -                2,101               2,549
          Internal Transfers to Other Asset Classes                                                                        -                -            (25)                242               (118)                 46                 (144)                  1
          Total Accumulated Depreciation of Property, Plant and Equipment as at 30 June 2016                               -                -         17,189               1,638            106,929              51,682               30,447             207,885
          Consolidated Book Value as at 30 June 2016 (Restated) **                                                   8,879         130,109            59,208               8,670            529,340            115,603                56,880             908,689
          Other Information




                                                                                                                                                                                                                                                                     Financial Statements 2015
          Range of Estimated Useful Life (in years)                                                                        -                -         3 - 120               1 - 50                3-120         17 - 100                  2-120
          *Asset Additions Comprise
           Asset Renewals                                                                                            1,484                  -                 -            2,114             10,762                 340                    297            14,997
           Other Additions                                                                                               -              3,780                20               94              6,150               3,680                    138            13,862
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          Total Asset Additions                                                                                      1,484              3,780                20            2,208             16,912               4,020                    435            28,859
          ** Note previously recognised adjustments as disclosed in Note 25




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