2015-11-16 GC Agenda - Item 3, Attach 1 - Annual Report 2014-15

                                                                                                                                         QAO
                                                                                                                               cer1ified statement,



NOOSA    SHIRE COUNCIL

Notes to the financial statements
For the year ended 30 June 2015
                                                                                                                                   2014
                                                                                                                2015            (6 months)

                                                                                                         Note      $                 $
25 Reconciliation of net result for the year to net cash
   inflow (outflow) from operating activities

         Net result                                                                                             17,829,742      973,500,645


         Non-cash operating items:
              Impairment of receivables           and bad debts written off                                           6,340               909
              Depreciationand amortisation                                                           8          15,919,507         7,719,655
              Change in restoration provisions          expensed       to finance costs                             78,320
              Interest expense capitalised in         arc loans                                                  2,266,452         1,137,954
                                                                                                                18,270,619         8,918,518
          Investing and development activities:
               Capital grants, subsidies and contributions                                           4          (6,278,627)       (2,358,968)
               Capital income                                                                                     (604,515)            (7,228)
               Capital expenses                                                                                    900,880           315,945
               Net equity income from investments                                                               (3,194,976)       (1,038,745)
               Net gain on restructure of local govenrment                                                                     (972,198,129)
                                                                                                                (9,177,238)    (975,287,126)
          Changes in operating assets and liabilities:
              (Increase) decrease in receivables                                                                  (191,082)       (2,124,994)
              (Increase) decrease in inventories (excluding              land)                                         (613)         (103,425)
              Increase (decrease) in payables                                                                      758,379         3,969,228
              Increase (decrease) in provisions                                                                   (343,732)       (3,926,236)
              Increase (decrease) in other liabilities                                                             338,572             84,406

                                                                                                                   561,524        (2,101,021)


          Net cash inflow from operating activities                                                             27,484,647         5,031,016


 26 Operating lease income
        The council       has leased properties    to various tenants under commercial
        lease arrangements.

        The expected future income is as follows:
              Within One Year                                                                                      338,264           300,614
                  Within One to Five Years                                                                         788,825           503,190
                  Greater Than Five Years
                  Total                                                                                          1,127,089           803,804


 27 Correction of prior period adjustments
        (a) Assets not previously recognised
          During the financial year Council became aware of some assets in
          property plant and equipment that were not previously recognised.



          Consequently the assets have been recognised retrospectively    and
          certain comparative figures have been restated, as disclosed in this
          note.

          Summary         details of assets not previously       recognised   are as follows:
                  Road and Bridge Network                                                                        1,500,947
                  Buildings                                                                          13            174,067
                  Gain from assets not previously       recognised                                               1,675,014


          (b) Commitments for expenditure.               operating leases
          During 2013/14 an error was identified with the prior year calulation                 of
          contractual commitments  for IT operating leases.

          The rental charge was calculated as being a monthly expense as
          opposed to quarterly charge and resulted in an overstatement of
          operating       lease commitments       of $511,516.


          Consequently,        comparative    figures have been restated in note 20.