Annual Report 2021-22

Noosa Council
Notes to the Financial Statements
for the year ended 30 June 2022

Note 10. Cash, Cash Equivalents and Financial Assets (continued)
§Note/Subtotal§
§Total§




$ '000                                                                                                2022               2021

Restricted and Internally Allocated Cash and Cash Equivalents
Cash and Cash Equivalents                                                                           98,501              70,028
Less: Externally Imposed Restrictions on Cash                                                     (26,091)            (12,064)
Unrestricted cash                                                                                  72,410              57,964
Restricted Cash and Cash Equivalents

Council's cash and cash equivalents are subject to a number of internal and external restrictions that limit amounts available
for discretionary or future use. These include:

(i) Externally imposed expenditure restrictions at the reporting date relate to the
following cash assets:

Unspent Government Grants and Subsidies                                                             16,731              4,878
Unspent Levy Funds                                                                                   6,297              5,208
Unspent Developer Contributions                                                                        748              1,978
Unspent Loan Monies                                                                                  2,315                  –
Total Externally Imposed Restrictions on Cash Assets                                                26,091             12,064

(ii) Internal allocations of cash at the reporting date:
Internal allocations of cash may be lifted by a Council with a resolution.

Future Asset Replacement                                                                             1,848              4,197
Natural Disaster Rehabilitation                                                                      2,977              2,610
Waste Management                                                                                     2,509              2,073
Specific Purpose Recurrent                                                                           1,487              1,543
Total Internally Allocated Cash                                                                      8,821             10,423

Total Unspent Restricted Cash                                                                      34,912              22,487
Cash and deposits at call are held in the Commonwealth Bank in a normal business cheque account. On call accounts are
also held with QTC. Deposits at call earned variable interest over varying terms at interest rates between 0.00% and 0.95%.

Investments
Term deposits with an initial maturity term greater than three months are treated as investments, with deposits of less than
three months being reported as cash equivalents.



Note 11. Receivables
§Note§




§Subnote§




Receivables, loans and advances are amounts owed to Council at year end. They are recognised at the amount due at the
time of sale or service delivery or advance. Settlement of receivables is required within 30 days after invoice is issued. Terms
for loans and advances are usually a maximum of five years with interest charged at non-commercial rates. Security is not
normally obtained.

Debts are regularly assessed for collectability and allowance is made where appropriate for impairment, with any loss
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.

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 rate receivables.

All known bad debts were written-off at 30 June. If an amount is recovered in a subsequent period it is recognised as revenue.




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