The law is very vague on this. You must have a plan and you are supposed to fund it. But then you are also expected to review it periodically and there are no penalties for not funding it.
However, it’s a really bad idea to scrimp on your sinking fund if you have identified areas that will need repairs and maintenance. There are plenty of options available to you that don’t include a special levy, including a gradual increase in levies over several years or a strata loan.
Re-think the finances but don’t create problems that will come back to bite you some time in the future.