Should HOA budgets require approval from all condo owners?

I live in a Michigan Condo Association.  Is the Board of Directors obligated to present an annual budget to the HOA members at the annual meeting, and does it have to be approved by the members?

I can’t ever recall one being presented to us, and our Bylaws are extremely vague on this matter.  The response from our President has always been that the day-to-day decisions for HOA operations are up the Board.

Thanks ahead of time for your help!