The executive board and the authority shall monitor expenditures in coordination with local jurisdictions. At least once every five years, the monitoring shall include a review of county housing revenue expenditures and a review of revenues allocated to cities pursuant to subparagraphs (A) and (B) of paragraph (4) of subdivision (d) of Section 64650. The authority board and executive board may adopt guidelines applicable to such funds as deemed necessary to ensure they are spent in a timely manner consistent with the goals of this chapter.