What's a reasonable amount of cash on hand for a condo association?

I have a question about retained earnings. Our condo association presently has what I consider an excessive amount of retained earnings on our balance sheet . We have in excess of $60,000 plus $29,000 in working capital plus monthly revenue of $41,000 to meet a monthly condo association budget of $41,000. Obviously we have made a profit against expenses every year (2 to 5%), in spite of this we have continued to raise condo maintenance fees . What should be considered a reasonable amount of retained earnings ? Is there a formula to be considered ?