Annual Report 2021-22

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

Note 15. Property, Plant and Equipment (continued)
§Note/Subtotal§




(3) Valuation techniques used to derive level 2 and level 3 fair values

Where Council is unable to derive fair valuations using quoted market prices of identical assets (ie. Level 1 inputs) Council instead utilises a spread of both observable inputs (Level 2
inputs) and unobservable inputs (Level 3 inputs).

The Fair Valuation techniques Council has employed while utilising Level 2 and Level 3 inputs are as follows:
§Total§




                                                                                                                                                           Index applied
                                                                     Last                                                                                  (change in index       Other interim
                                                 Valuation           comprehensive                              Key assumptions and estimates              recognised this        revaluation
Asset Class and Fair Value Hierarchy             approach            valuation date      Valuer engaged         (related data sources)                     year)                  adjustment

Land (Level 2)                                   Cost Approach       30/06/22            APV Valuers and        Active and liquid market available for     Queensland             Nil
2022: $135.2m                                                                            Asset                  comparison when determining                Government
2021: $8.4m                                                                              Management             replacement cost.                          Statistician's
                                                                                                                Land sales for similar properties are      Office Land
                                                                                                                analysed and compared taking into          Development
                                                                                                                account area, location and other general   Activity Profile for
                                                                                                                site characteristics.                      Noosa Shire
                                                                                                                                                           (Median
                                                                                                                                                           Residential Sale
                                                                                                                                                           Price)
                                                                                                                                                           Most Recent
                                                                                                                                                           Index Applied:
                                                                                                                                                           15.2% -
                                                                                                                                                           equivalent to 2
                                                                                                                                                           years movement
                                                                                                                                                           (2021)




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