Normally, the levies proposed for the capital works fund is not the spend budget, but a quantity if money to account for current (this year) and future expenditure.
Its unlikely your building will need 20’items replaced in a year. So this sounds to me that what you saw was a capital works plan. Every OC is required to create one, but there is no compulsion to implement it.
Most OCs adopt one of two ways to fund capital works.
1) Don’t raise much CWF levies each year, so the “bank” is fairly bare. When large expenses come up, raise special levies.
2) Raise levies each year, building up a bank so that when large expenses come up, the OC has money on hand.
Its up to all lot owners to decide which method they want to use.
As for what money is spent. Unless a motion is passed limiting the Strata committee in the amount they are authorised to spend without reference to the owners, the committee can spend any amount of money on the maintenance of the building.