Annual Report 2018-19

                                                                                          Financial Statements 2019



Noosa Shire Council

Notes to the Financial Statements
for the year ended 30 June 2019

Note 4. Grants, Subsidies, Contributions and Donations
                                                                                                2019              2018
                                                                                 Notes          $'000             $'000


Grants & Subsidies
Grants, subsidies and contributions that are non-reciprocal in nature are recognised as revenue in the year in
which Council gains control over them.

Where grants are received that are reciprocal in nature, revenue is recognised as the various performance
obligations are fulfilled under the funding agreement. Council does not currently have any reciprocal grants.

Non-cash contributions
Non-cash contributions with a value in excess of the recognition thresholds, are recognised as revenue and as
non-current assets. Non-cash contributions below the thresholds are recorded as revenue and expenses.
Physical assets contributed to Council by developers in the form of road works, stormwater, infrastructure and
park equipment are recognised as revenue when the development becomes "on maintenance" (i.e. the Council
obtains control of the assets and becomes liable for any ongoing maintenance) and there is sufficient data in the
form of drawings and plans to determine the approximate specifications and values of such assets. All non-cash
contributions are recognised at the fair value of the contribution received on the date of acquisition.

Cash contributions
Council receives cash contributions from property developers to construct assets such as roads and footpaths.
Where agreements between Council and the developers relating to these contributions are determined to fall
within the scope of AASB Interpretation 18 Transfers of Assets from Customers, these contributions are
recognised as revenue when the related service obligations are fulfilled.

(a) Recurrent
General Purpose Grants                                                                          2,269            2,200
State Government Subsidies and Grants                                                             742            1,089
Commonwealth Government Subsidies and Grants                                                    2,398            2,673
Donations                                                                                          28               60
Contributions                                                                                       3               11
Other Non-Government Subsidies                                                                      7               19
TOTAL RECURRENT GRANTS, SUBSIDIES,
CONTRIBUTIONS AND DONATIONS                                                                    5,447             6,052

(b) Capital
State Government Subsidies and Grants                                                           1,437            3,016
Commonwealth Government Subsidies and Grants                                                    1,468            1,411
Contributions                                                                                   2,235            1,942
Non-Monetary - Developer Assets contributed by Developers at Fair Value                         3,556            4,906
TOTAL CAPITAL GRANTS, SUBSIDIES,
CONTRIBUTIONS AND DONATIONS                                                                    8,696            11,275




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