Condo association has budget challenges and never set aside reserve

Our condo association's fiscal year starts July 1 and ends the following year on June 30. Our annual condo meeting is usually the third week in August at which time we "approve" of the projected fiscal year budget. However, by that time we are already seven weeks into the fiscal year, and the Condo Board is already spending the money we haven't approved. The Board also does not send out the projected budget ahead of time with the required 21-day notice for the annual meeting agenda. Therefore there is no real time for the owners who attend the meeting to really study it and approve or disapprove of it. Half of the owners never come to the annual meeting, so they never see the budget ahead of time either. We keep getting more and more renters into the condo association. We have not had a reserve study done since 1994. The Board in the past has said that they do not want to delegate money to any defined reserve funds in case they need the money for something else. They lump it all into savings, and they do what they want with it during the year which keeps shifting as the year goes on.