Financial Statements 2017
Toowoomba Regional Council
Notes to the Financial Statements
for the year ended 30 June 2017
Note 16. Borrowings (continued)
Notes
2017
$'000
2016
$'000
Loan Disclosures (continued)
There have been no defaults or breaches of the loan agreement during the period.
The fair value of borrowings with QTC is based on the market value of debt outstanding. The market value of a debt
obligation is the discounted value of future cash flows based on prevailing market rates and represents the amount
required to be repaid if this was to occur at balance date. The market value of debt is provided by QTC and is
discussed above.
QTC applies a book rate approach in the management of debt and interest rate risk, to limit the impact of market
value movements to clients' cost of funding. The book value represents the carrying value based on amortised cost
using the effective interest method.
Note 17. Provisions
Notes
2017
$'000 2016
$'000
13,954
120
1,087 14,780
60
557
15,161 15,397
2,781
4,245
104,544 2,467
5,133
90,278
111,570 97,878
Current
Long Service Leave
Quarry Rehabilitation
Refuse Restoration
TOTAL CURRENT PROVISIONS
Non-current
Long Service Leave
Quarry Rehabilitation
Refuse Restoration
TOTAL NON-CURRENT PROVISIONS
Details of movements in Provisions:
Class of Provision
Opening
Balance
as at
01/07/2016
$'000
Long Service Leave
Quarry Rehabilitation
Refuse Restoration
TOTAL
17,247
5,193
Additional
Provision
$'000
1,558
(936)
90,835 12,185
113,275 12,807
Remeasure
Decrease
-ment
due to
due to
Payments Discounting
$'000
(2,649)
$'000
Closing
Unused
Balance
Amounts
as at
Reversed 30/06/2017
$'000
$'000
579 - - 108 - 4,365
- 2,611 - 105,631
3,298 - 126,731
(2,649)
16,735
page 35
Annual Report 2016 - 2017 I TOOWOOMBA REGIONAL COUNCIL
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