I would say ‘no” … this would be very unwise.
A Special Levy can only be approved at a general meeting. If the committee was to fund this personally and then expect to be repaid via a Special Levy then that would be creating an expectation that the OC would approve this by way of an Ordinary Resolution.
What happens if the OC doesn’t approve it? Then the committee members will be personally out of pocket.
It is very important to put a lot of thought into creating a relevant budget. Unfortunately I see situations where many committees just rubber stamp previous budgets without consideration of what projects need to be undertaken over the coming year. Then there is a shortfall.
The Sinking Fund forms part of the value of a Lot. Having a very low Sinking Fund budget may seem to be ‘helping’ keep costs low, but it actually does a disservice to lot owners, particularly in older buildings with inevitable maintenance issues.