The result was attributed to the poor performance of its hospitality businesses.
Since the end of its 2017-18 financial year in July, it has ceased operating its restaurant and catering business
They have been taken over by an independent contractor.
After a major renovation, a new restaurant, Equinox, now operates at Forbury Park.
In his president's report, Daryl Trainor said the club had little choice but to exit the hospitality industry.
''The call to move away from operating the bar-bistro was not easy given the time, effort and level of investment, but it was clearly no longer viable.''
Interim general manager Tom Conroy echoed Trainor's thoughts on leaving the restaurant trade.
''The exiting of the hospitality [businesses] was a necessity and caused angst in some circles.
''Despite best efforts and intentions, though, effectively trading simply wasn't an option.''
Hospitality businesses were independently run at Forbury Park until the club purchased them in its 2015-16 financial year.
The businesses were bought to boost the club's bottom line, and the club posted a small surplus in its next financial year (2016-17).
Conroy told last night's meeting the club had already seen positive benefits from handing over the running of the hospitality businesses on its site.
The upgraded premises made attracting people to the track functions and sponsorship opportunities there much easier.
Conroy also said a major overhaul of management processes was already having an effect on the club's finances.
He outlined extensive plans to upgrade the look and the function of parts of the racecourse.
Tribute was paid by board chairman Peter Gillespie to former general manager the late Rodney Moore, who died of cancer earlier this year.
Trainor was also re-elected as the club's president last night.
The vice-president's role remains vacant, as it was during the previous year.
Stephen Pulley, Nick Wells and Tony Gow were elected to the club's committee.
The only remit at last night's meeting proposed a reduction in the club's membership fees.
It passed unanimously.
