Can my condominium ociation send out a letter stating that each unit has to pay 3400 dollars next year? ?

they have decided that they do not have enough in reserves to do general work such as painting, renovating decks, etc. the reason they don't have enough is because they admittedly did not charge the proper amounts to past residents to keep a sufficient reserve. is this legal for them to hit us with something like this on top of the 200 dollars we already pay per month?