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)
                                                                                                                                              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

Other Infrastructure Assets (Level 3)   Current            30/06/2021       Australis Asset    No active market due to the specialised        ABS Producer        Nil
2022: $50.8m                            replacement cost                    Advisory Group     nature of services these assets provide.       Price Index: 3020
2021: $47.2m                                                                                   Unit rates are developed by estimating         Non-residential
                                                                                               labour and materials required for asset        building
                                                                                               replacement. Base rates were sourced           construction,
                                                                                               using actual contract prices for recently      Queensland
                                                                                               completed projects or supply quotes for        Most Recent
                                                                                               similar assets based on age, size,             Index Applied:
                                                                                               location and condition.                        12.3% equivalent
                                                                                               Where costs are not available, rates           to 1 year (2022)
                                                                                               were obtained from the valuer's
                                                                                               database or the Rawlinson's Australian
                                                                                               Construction Handbook, 2021 Edition.
Roads (Level 3)                         Current            31/03/2018       AssetVal Pty Ltd   Unit rates are developed using actual          ABS Producer        Nil
2022: $452.4m                           replacement cost                                       contract prices for recently completed         Price Index: 3101
2021: $416.9m                                                                                  projects or supply quotes for similar          Road and bridge
                                                                                               assets based on age, size, location and        construction,
                                                                                               condition.                                     Queensland
                                                                                               A first principles approach has been           Most Recent
                                                                                               applied to developing unit rates by            Index Applied:
                                                                                               estimating plant, material and labour          10.1% equivalent
                                                                                               inputs required for design and                 to 2 years (2022)
                                                                                               construction.
                                                                                               Where costs are not available rates were
                                                                                               obtained from the valuer's database or
                                                                                               the Rawlinson's Australian Construction
                                                                                               Handbook, 2017 Edition.
                                                                                               Roads are categorised as sealed or
                                                                                               unsealed and separated into segments
                                                                                               with three location factors for urban, rural
                                                                                               and commercial/industrial. All segments
                                                                                               are then componentised into sub-classes
                                                                                               that make up each segment. i.e. road
                                                                                               surface, road pavement base, road
                                                                                               pavement sub-base, road shoulder,
                                                                                               formation, kerb, footpath, signage, etc.




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