Annual Report 2021-22

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

Note 23. Asset Revaluation Surplus
§Note/Subtotal§
§Subnote§




The asset revaluation surplus comprises adjustments relating to changes in value of property, plant and equipment that do
not result from the use of those assets. Net incremental changes in the carrying value of classes of non-current assets since
initial recognition are accumulated in the asset revaluation surplus. Increases and decreases on revaluation are offset within
a class of assets.

Where a class of assets is decreased on revaluation, that decrease is offset first against the amount remaining in the asset
revaluation surplus in respect of that class. Any excess is treated as an expense. When an asset is disposed of, the amount
in respect of that asset is retained in the asset revaluation surplus and not transferred to retained surplus.



Note 24. Commitments for Expenditure
§Note§




§Subnote§




$ '000                                                                                                 2022                2021

Capital Commitments (exclusive of GST)
Commitment for the construction of the following assets contracted for at the reporting date but not recognised as
liabilities:
Property, Plant and Equipment
Roads, Bridges and Stormwater                                                               7,867              464
Buildings                                                                                   1,936            2,337
Other                                                                                       7,911            2,972

Total Commitments                                                                                   17,714               5,773
These expenditures are payable as follows:
Within the next year                                                                                 17,294               5,773
Later than one year and not later than 5 years                                                          420                   –
Later than 5 years                                                                                        –                   –
Total Payable                                                                                       17,714               5,773



Note 25. Contingent Liabilities
§Note§




§Subnote§




Details and estimates of maximum amounts of contingent liabilities are as follows:

Local Government Mutual
The Council is a member of the local government mutual liability self-insurance pool, LGM Queensland. In the event of the
pool being wound up or it is unable to meet its debts as they fall due, the trust deed and rules provide that any accumulated
deficit will be met by the individual pool members in the same proportion as their contribution is to the total pool contributions
in respect to any year that a deficit arises.

As at 30 June 2022 the financial statements reported an accumulated surplus and it is not anticipated any liability will arise.

Local Government Mutual
The Council is a member of the Queensland local government worker's compensation self-insurance scheme, Local
Government Workcare. Under this scheme the Council has provided an indemnity towards a bank guarantee to cover bad
debts which may remain should the self insurance licence be cancelled and there was insufficient funds available to cover
outstanding liabilities. Only the Queensland Government’s workers compensation authority may call on any part of the
guarantee should the above circumstances arise. The Council's maximum exposure to the bank guarantee is $1,334,123
(2021: $1,080,275).




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