I believe it is a requirement in NSW for a strata plan to have adequate funds to cover any maintenance, unexpected or scheduled. When I was on our EC, we used to keep it at about $1,000 per unit. In total, this amount looks impressive, but in reality it isn’t a lot of money should a major repair be needed for a unit.
We have had a major unexpected expense. We organized a special levy with additional payments spread out over 3 quarters. We had the money in the bank to do the work immediately, the special levy topped up the funds back to the original level. It isn’t good enough these days for an EC to say there isn’t enough funds in the bank to cover repairs.