If the answer at the AGM is that there was no interest reported because none was earned then the question should be asked why the OC’s funds were not in an interest-earning account. The larger part of our OC’s funds are in two term deposit accounts with maturity dates about 6 months apart earning reasonable interest and one working account earning less but with enough for fluidity to pay the bills.
I agree that the OC should not hold excessive cash reserves but I would not go so far as to prefer special levies over a sinking fund plan that anticipates expenses and spreads the cost equitably over an extended period. It is not equitable that only the people who happen to be owners in the year of a big expense cover the cost of maintaining something that has been enjoyed by past owners for possibly decades.
A bit in reserve makes things much easier for the EC when the unexpected happens. It can be explicitly a ‘contingency’ component to a sinking fund plan in addition to the named, known items. Owners are much more likely to agree to a necessary expense if it can be covered from savings rather than a new levy.