To my knowledge there is no requirement as such. The budget projections are more of an advisory nature rather than mandatory.
However, if your scheme does not have enough money when the lift needs replacing then a Special Levy and/or a strata loan will be required.
The 10 year CW plan must be reviewed at least every 5 years so your scheme’s CW plan is due for a review. This hopefully will focus your committee’s attention to the deficit that your scheme is facing.