MURRIETA —— The group overseeing a $40.4 million school construction bond is presenting a spending report to the Murrieta Valley Unified School District Board of Trustees tonight.

The bond's Measure K Citizens Oversight Committee will report to trustees that the money has been spent for legitimate bond purposes, said Richard Ackerman, vice chairman of the committee.

But he also said he plans to voice concerns to district officials about their financial planning for the third high school, which was to be funded by the bond.

In recent months, officials have said that the school's initial $60 million price tag has ballooned to $100 million because of land, steel, cement and overall construction costs, while the district has about $72 million available, including anticipated state matching funds, for the project.

The meeting begins at 7 p.m. at the district's headquarters, 41870 McAlby Court.