Does condo board need to present the annual budget at the meeting?

Are the condo board's obligated to present an annual budget to the HOA members at the annual meeting? Does it have to be approved by the members? I can't ever recall one being presented to us, due to the fact that our President always says "the day to day decisions for operating the HOA, is up to the boards". And our by-laws are really vague on a lot of things. It doesn't spell out the term length for our officers, where as the other associations within our development does.