I strongly suggest that you not follow your fellow owners suggestion re the money. That money should be kept in a trust account, basically it doesn’t belong to either of you, it belongs to the strata scheme. What will you do if work is required and you find that the other owner has spent the money?
As Whale has pointed out, there should be both an administrative fund and a sinking fund and you need to prepare a budget each year to determine contributions to those funds.