The sinking fund plan can be amended by ordinary resolution at any general meeting. If you have too much money in the sinking fund, you can’t transfer money out but you can stop contributing to it. You are required to review the sinking fund plan at least every 5 years but nothing prevents you from reviewing and amending it at a shorter interval.
As you are class B with little common property to maintain, it is probably not a difficult task to prepare and present an updated plan yourselves that moves some of the expenditure that was anticipated for the past several years out to future years and revises the schedule of anticipated contributions. Put a motion for an ordinary resolution to adopt the updated plan. Then, put a budget motion that has a sinking fund levy consistent with the updated plan.
The bottom line is that the sinking fund plan is a planning tool. It is not a set of annual budgets set in concrete and it can be revised and updated at any time by ordinary resolution.
It might be reasonable to sit on an explicit ‘contingency’ amount that you maintain as an underlaying balance for anything you have not anticipated or could happen but is unlikely. Eg. you probably won’t need to do anything for your drains but there is a possibility that they could collapse. Your two lights probably won’t need any work but you might need to dig up the cabling if some fault occurs.
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