Annual Report 2015-16

Financial Statements 2016

 Noosa Shire Council

 Notes to the Financial Statements
 for the year ended 30 June 2016
 Note 20. Superannuation (continued)

 The Regional DBF is a defined benefit plan as defined in AASB119. The Council is not able to account for the
 Regional DBF as a defined benefit plan in accordance with AASB119 because the scheme is unable to account
 to the Council for its proportionate share of the defined benefit obligation, plan assets and costs. The funding
 policy adopted in respect of the Regional DBF is directed at ensuring that the benefits accruing to members and
 beneficiaries are fully funded as they fall due.
To ensure the ongoing solvency of the Regional DBF, the scheme's trustee can vary the rate of contributions from
 relevant local government employers subject to advice from the scheme's actuary. As at the reporting date, no
 changes had been made to prescribed employer contributions which remain at 12% of employee assets and there
 are no known requirements to change the rate of contributions.
Any amount by which either fund is over or under funded would only affect future benefits and contributions to the
 Regional DBF, and is not an asset or liability of the Council. Accordingly there is no recognition in the financial
 statements of any over or under funding of the scheme.
As at the reporting date, the assets of the scheme are sufficient to meet the vested benefits.
The most recent actuarial assessment of the scheme was undertaken as at 1 July 2015. The actuary indicated
that At
5	1	1	1	20	3	391	1620	52	30	96	the
5	1	1	1	20	4	457	1620	155	30	96	valuation
5	1	1	1	20	5	627	1621	75	30	96	date
5	1	1	1	20	6	717	1621	33	30	97	of
5	1	1	1	20	7	765	1621	11	30	96	1
5	1	1	1	20	8	794	1621	70	38	96	July
5	1	1	1	20	9	876	1622	95	34	96	2015,
5	1	1	1	20	10	986	1622	53	30	96	the
5	1	1	1	20	11	1054	1624	54	28	96	net
5	1	1	1	20	12	1121	1624	113	28	96	assets
5	1	1	1	20	13	1248	1622	33	30	96	of
5	1	1	1	20	14	1292	1623	53	30	96	the
5	1	1	1	20	15	1359	1623	138	30	96	scheme
5	1	1	1	20	16	1511	1624	170	30	96	exceeded
5	1	1	1	20	17	1695	1624	53	30	96	the
5	1	1	1	20	18	1761	1625	115	30	96	vested
5	1	1	1	20	19	1892	1625	135	30	96	benefits
5	1	1	1	20	20	2041	1625	63	30	96	and
5	1	1	1	20	21	2118	1626	54	29	96	the
4	1	1	1	21	0	251	1666	1263	38	-1	
5	1	1	1	21	1	251	1666	138	30	95	scheme
5	1	1	1	21	2	402	1674	69	22	95	was
5	1	1	1	21	3	486	1666	26	30	95	in
5	1	1	1	21	4	527	1674	19	22	95	a
5	1	1	1	21	5	561	1666	200	38	94	Satisfactory
5	1	1	1	21	6	773	1667	144	30	96	financial
5	1	1	1	21	7	932	1668	133	36	96	position
5	1	1	1	21	8	1080	1676	41	22	96	as
5	1	1	1	21	9	1134	1670	32	28	96	at
5	1	1	1	21	10	1178	1668	53	30	96	the
5	1	1	1	21	11	1244	1669	155	30	96	valuation
5	1	1	1	21	12	1413	1669	101	30	96	date.

 In the 2015 actuarial report the actuary has recommended no change to the employer contribution levels at this
time.
 Under the Local Government Act 2009, the trustee of the scheme has the power to levy additional contributions
on councils which have employees in the Regional DBF when the actuary advises such additional contributions
are payable - normally when the assets of the DBF are insufficient to meet members' benefits.
There are currently 69 entities contributing to the Regional DBF plan and any changes in contribution rates would
apply equally to all 69 entities. Noosa Shire Council made less than 4% of the total contributions to the plan in the
2015-16  financial year.
The next actuarial investigation will be made no later than 1 July 2018.
iin aie                                    a                                               ene

The amount of Superannuation Contributions paid by Council to the Scheme             a
in this Period for the benefit of employees was:                                5    — 2805          —— 2,707_

 Note 21. Operating Lease Income

The Council has leased properties to various tenants under commercial
lease arrangements.
The minimum lease receipts are as follows:
Not later than one year                                                                      363            338
One to five years                                                                            817            789
Later than five years                                                               _           =              -
                                                                                     1,180           1,127
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