Despite plenty of progress being made and some positive aspects of the Humboldt Broncos financial situation, there is still work to be done.

That was the message from team president Jamie Brockman Monday night during the organization's annual general meeting.

Brockman pointed to the lottery revenue not receding for the first time in four years as well as their "Seed for Green, Harvest for Gold" fundraiser finally taking off as highlights but with no other choice he said they needed to secure a loan to help make ends meet.

"We had losses of about $50,000 for this past year which is about $22,000 less than the year before so we will take that positive. We did come to a point in the season, it would have been about March last year. We had zero funds to pay any of our accounts payable debt and we had to come up with a plan."

They borrowed $75,000 from Conexus Credit Union with payments of $15,000 due each year, roughly around the time of harvest. Brockman feels they are now back to even and this year they are looking at a profit with potential playoff revenue which has been this board's goal all along.

Expenses were down in 2015 from $637,000 to the $586,000 point but revenue slipped as well leading to the deficit. Playoff gate receipts was the biggest factor, two years ago the Broncos lost in the league semi-final. Last season they played just two home games in the post-season.

Two new board members joined including Randy McLean and Chris Beaudry, Brockman says the two new members will be a big boost.

"We started tonight with seven board members, we gained two more so we're up to nine. We're very happy and pleased to have them join. I think they are going to be a great fit for our organization and guys that want to get involved and have that sense of community spirit."

Brockman's term on the board was expiring this year as well as vice-president Devin Cannon's but the two accepted their nominations to return for another. Brockman talks about why he renewed his term and stayed on as President despite what you could say have been two difficult off seasons.

"Being part of the community, being part of this organization, trying to do whatever you can to make it succeed and run. When we are successful to see all the people enjoy that success is rewarding, it's the community spirit, that's what I truly value from it."

The Broncos next fundraiser is their internet auction which will be launched later in November so people can use that as a Christmas shopping location if they so choose.

Another positive was a report conducted by the Saskatchewan Junior Hockey League that pits all teams operating plans against each other in terms of a break down of costs, with that Brockman feels they can improve on some areas and continue to excel in others.

You can hear more from Brockman below in his interview with Bolt FM's Clark Stork.