Your Associations assess fees and assign a portion of them to reserves for replacement. This assessment authority is granted through the CC&Rs, and was codified in the California Common Interest Development Act (ACT) enacted in 1985.
The ACT allows your HOA to perform as a quasi-government organization. Your HOA assumes responsibilities that a local government agency would otherwise be responsible for, including street repair and maintenance, walk ways, etc. Under the ACT, the HOA estimates the fees (comparable to taxes) that it must collect to keep the common area in good shape. These fees are collected into a reserve fund and can be used only for repairs and maintenance of common areas.
To determine the amount needed in the reserve fund, the HOAs periodically must obtain a qualified reserve study. ( California Reserve Study Guidelines
.) You may access these studies in DOCUMENTS each time they are issued, along with the annual HOA financial statement that discloses the reserves on hand and discusses the qualified reserve study.