Annual Report 2018-19

                                                                                            Financial Statements 2019



Noosa Shire Council

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

Note 10. Trade and Other Receivables
                                                                                                   2019             2018
Receivables
Trade receivables are recognised at the amounts due at the time of sale or service delivery i.e. the agreed
purchase price / contract price. Settlement of these amounts is required within 30 days from invoice date.
The collectability of receivables is assessed periodically and if there is objective evidence that Council will not be
able to collect all amounts due, the carrying amount is reduced for impairment. The loss is recognised in finance
costs. The amount of the impairment is the difference between the asset’s carrying amount and the present value
of the estimated cash flows discounted at the effective interest rate.
All known bad debts were written-off at 30 June 2019. Subsequent recoveries of amounts previously written off in
the same period are recognised as finance costs in the Statement of Comprehensive Income. If an amount is
recovered in a subsequent period it is recognised as revenue.
Because Council is empowered under the provisions of the Local Government Act 2009 to sell an owner's property
to recover outstanding rate debts, Council does not impair any rate receivables.

                                                                                                  2019              2018
                                                                                  Notes           $'000             $'000


Current

Rateable Revenue and Utility Charges                                                             4,461             4,420
Other Debtors                                                                                        4                 1
GST Recoverable                                                                                    632             1,153
Accrued Revenue                                                                                  2,087             1,907
Prepayments                                                                                      2,455             2,208
Fees and Charges                                                                                 1,447             1,406
Loans and Advances to Community Organisations                                                      125                 -
Total                                                                                           11,211            11,095

Less: Provision for Impairment
Fees and Charges                                                                                      (4)               (2)
Total Provision for Impairment - Receivables                                                          (4)               (2)


TOTAL CURRENT TRADE AND OTHER RECEIVABLES                                                      11,207            11,093

Non-Current

Loans and Advances to Associates                                                                49,218            49,218
Loans and Advances to Community Organisations                                                      500                 -
TOTAL NON-CURRENT TRADE AND OTHER RECEIVABLES                                                  49,718            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.

A loan agreement for the subordinated debt was executed on the 21 June 2013. The interest only loan structure
terminates on the 30 June 2033 with the interest 'rate set by QTC annually. Applicable interest rate for 2019 was
5.02% (2018: 5.18%).


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