Independent Auditor's Report

To the Board of Education of School District No. 48 (Sea to Sky)

To the Ministry of Education, Province of British Columbia

We have audited the accompanying financial statements of the School District No. 48 (Sea toSky), which comprise the statement of financial position as at June 30, 2015, and the statementsof operations, changes in net financial assets (debt), and cash flows for the year then ended,and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements in accordance withthe accounting requirements of Section 23.1 of the Budget Transparency and Accountability Actof the Province of British Columbia, supplemented by Regulations 257/2010 and 198/2011 issuedby the Province of British Columbia Treasury Board, and for such internal control as managementdetermines is necessary to enable the preparation of financial statements that are free frommaterial misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. Weconducted our audit in accordance with Canadian generally accepted auditing standards. Thosestandards require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment, including the assessment of the risks of material misstatement of the financialstatements, whether due to fraud or error. In making those risk assessments, the auditorconsiders internal control relevant to the entity's preparation of the financial statements inorder to design audit procedures that are appropriate in the circumstances, but not for thepurpose of expressing an opinion on the effectiveness of the entity's internal control. An auditalso includes evaluating the appropriateness of accounting policies used and the reasonablenessof accounting estimates made by management, as well as evaluating the presentation of thefinancial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide abasis for our audit opinion.

Opinion

In our opinion, the financial statements are prepared, in all material respects, in accordancewith the accounting requirements of Section 23.1 of the Budget Transparency and AccountabilityAct of the Province of British Columbia, supplemented by Regulations 257/2010 and 198/2011issued by the Province of British Columbia Treasury Board.

Tel: 604 932 3799 Fax: 604 932 3764 www.bdo.ca

BDO Canada LLP 202 – 1200 Alpha Lake Road Whistler BC V0N 1B1 Canada

BDO Canada LLP, a Canadian limited liability partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms.

Basis of Accounting

Without modifying our opinion, we draw attention to Note 3 to the financial statements whichdescribes the basis of accounting, the significant differences between such basis of accountingand Canadian public sector accounting standards, and the impact of these differences.

Supplemental Information

Our audit was conducted for the purpose of forming an opinion on the financial statements ofSchool District No. 48 (Sea to Sky) taken as a whole. The supplementary information included inSchedules 1 through 4D is presented for purposes of additional analysis and is not a required partof the financial statements. Such supplementary information has been subjected to the auditingprocedures applied in the audit of the financial statements and, in our opinion, are prepared, inall material respects, in accordance with the accounting requirements of Section 23.1 of theBudget Transparency and Accountability Act of the Province of British Columbia, supplementedby Regulations 257/2010 and 198/2011 issued by the Province of British Columbia Treasury Boardin relation to the financial statements taken as a whole.

Chartered Professional Accountants

September 16, 2015Squamish, British Columbia

Tel: 604 932 3799 Fax: 604 932 3764 www.bdo.ca

BDO Canada LLP 202 – 1200 Alpha Lake Road Whistler BC V0N 1B1 Canada

BDO Canada LLP, a Canadian limited liability partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms.