Annual Report 2018-19

                                                                                                Financial Statements 2019



Noosa Shire Council

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

Note 22. Superannuation (continued)

No changes have been made to precribed employer contributions which remain at 12% of employee assets and there
are no known requirements to change the rate of contributions. The next triennial actuarial review is not due until
1 July 2021.

The most significant risks that may result in LGIAsuper increasing the contribution rate, on the advice of the
actuary, are:
   Investment risk - The risk that the scheme's investment returns will be lower than assumed and additional
   contributions are needed to fund the shortfall.
   Salary growth risk - The risk that wages or salaries will rise more rapidly than assumed, increasing vested benefits
   to be funded.
There are currently 62 entities contributing to the scheme and any changes in contribution rates would apply
equally to all 62 entities. Noosa Shire Council made less than 1.27% of the total contributions to the plan in the
2018-19 financial year.

                                                                                                   2019              2018
                                                                                   Notes           $'000             $'000


Superannuation contributions made to the Regional Defined Benefits Fund                             213                229
Other superannuation contributions for employees                                                  3,062              2,881
Total superannuation contributions paid by Council for employees                     5           3,275            3,110

                                                                                                                     2020
                                                                                                                     $'000


Contributions council expects to make to the Regional Defined Benefits Fund for 2019-20                               217



Note 23. Operating Lease Income
                                                                                                   2019               2018
The Council has leased properties to various tenants under commercial lease arrangements.

The minimum lease receipts are as follows:
Not later than one year                                                                             227               255
One to five years                                                                                   299               290
Later than five years                                                                                 -                 -
                                                                                     17            526                545

Rental income from investment property recognised in the operating result is $281,457 (2018: $432,570).

Direct operating expenses primarily for repairs and maintenance on property that did not generate rental income
for the period were $13,149 (2018: $0). Direct operating expenses primarily for repairs and maintenance
on property that did generate rental income for the period were $39,449 (2018: $58,813).

There are no restrictions on the realisability of investment property or remittance of income and proceeds of
disposal. The Council does not have any contractual obligations to purchase, construct or develop investment
property or for repairs, maintenance or enhancements.




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