In January 2017 the HOA board commissioned a reserve study. This study is used as the basis for determining how much dues should be, when they should be raised, what items the board needs to "reserve money for", and more. It's worth reading if you have not done so already.
This study should be updated every few years, so it is likely the board will need to have a new study performed in 2019. The person who performed this study previous is:
Joel Tax, PRA 866-574-5115 x704 firstname.lastname@example.org