Annual Report 2016-17

                                                                                            Financial Statements 2017



 Noosa Shire Council

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

Note 16. Provisions (continued)
                                                                                                  2017                 2016
                                                                                                  $'000                $'000

Details of movements in Provisions:

Long Service Leave
Balance at beginning of financial year                                                           4,714             4,462
Amount provided for in the period                                                                  579             1,119
Amount paid in the period                                                                     ···- .(~~~).         _,(~67}.
Balance at end of financial year                                                                 4,6_10            4,714.

Quarry Rehabilitation
Balance at beginning of financial year                                                               50                  50
Balance at end of financial year                                                                     50                  50
This is the present value of the estimated future cost of restoring the quarry site under
the State Government environmental regulations at the end of its useful life.

Landfill Sites
Balance at beginning of financial year                                                           7,194             6,343 *
Remeasurement due to discount rate                                                               2,585             1,272
Unwinding of provision over time                                                                ·- (§29)_          _(~?J      )_
Balance at end of financial year                                                                 9.~~~.            7,194
This is the present value of the estimated cost of restoring the Noosa landfill under
the State Government environmental regulations at the end of its useful life.
*Comparative figures have been restated. Refer to Note 25 for details



Note 17. Asset Revaluation Surplus


Movements in the asset revaluation surplus:

The asset revaluation surplus comprises adjustments relating to changes in value
of property, plant and equipment that do not result from the use of those assets.
Net incremental changes in the carrying value of classes of non-current assets
since initial recognition are accumulated in the asset revaluation surplus. Increases
and decreases on revaluation are offset within a class of assets.


Where a class of assets is decreased on revaluation, that decrease is offset first
against the amount remaining in the asset revaluation surplus in respect of that
class. Any excess is treated as an expense. When an asset is disposed of, the
amount in respect of that asset is retained in the asset revaluation surplus and not
transferred to retained surplus.




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