HOA Homefront: The reserve fund – how much is too much?

Q: Something has been bothering me for a while regarding the reserve funding level that is appropriate for a given association. Many associations strive (and set the dues) to achieve 100% funded. Do they really need to carry such high balances? Wouldn’t it be enough to carry only sufficient balances to meet the future projected reserve expenses (with a sufficient contingency cushion for uncertainties)?
Why should we be paying dues to maintain an unnecessarily high reserve fund balance? Wou