But Brumbies stakeholders have voted for back-room stability after the club announced a loss of $864,093 at the annual general meeting on Wednesday night.

Kennedy was re-elected as chairman while Phil Thomson, the club's interim chief executive last year, and Anne-Marie Perret were voted in as new directors.

The $864,093 loss follows back to back deficits of more than $1 million in each of the 2014 and 2015 seasons. The Brumbies reported a record loss of $1.68 million in 2015.

Kennedy said the Brumbies had been on track to turn a profit for the first time in 14 years, however they incurred "one-off, abnormal items" on the balance sheet relating to legal costs and a payout to former chief executive Michael Jones.

These were included in administration expenses, which jumped by almost $700,000, and employee benefits expenses, which increased by almost $1 million. The exact legal costs and amount paid to Jones have not been disclosed.

Kennedy said the club was projecting a $500,000 profit next year on the back of cutting costs and increased sponsorship revenue.

The Brumbies have just $1.5 million left in cash reserves from the $11.375 million sale of the club's Griffith headquarters.

Kennedy conceded another loss this year would leave the Brumbies in a precarious financial position, but was confident they would break even in 2017.

Kennedy, who is also on the Brumbies' finance and audit committee, considered resigning last year following the club's off-field troubles last year.

"The loss we've recorded, myself and the board don't shirk the responsibility for that," Kennedy said.

"For myself personally, I put [stepping down] to my other board members to assess what was best for the organisation going forward.

"In terms of the turmoil last year, we can't shirk accountability for that. It was a very unfortunate situation, but we can't not take accountability for that.

"If it was in the best interest for me to step aside, I made that offer and would have done that. My fellow board members thought it was better for continuity and stability to stay around.

"The losses are not sustainable and we've done some significant trimming ... we believe we will be able to turn a $500,000 profit in 2017."

The Brumbies' revenue increased from $18 million to $21 million last year, largely due to a $2.6 million increase in grants from the ARU on the back off a new broadcast deal.

Merchandise sales almost jumped almost $100,000, but membership dropped by $200,000.

The Brumbies were on track to record a profit for the first time since 2003 before the board had to foot the bill for legal costs of an ACT Supreme Court case.

The KPMG report believed to be the source of angst in the Canberra rugby community last year is still subject to a court suppression order. ACT police referred the issue to ASIC.

The Brumbies have been told by the ARU they must be financially viable as Super Rugby officials contemplate a revamp, which could see one Australian team axed from the competition.

"We believe we can hit our revenue targets this year," Kennedy said.

"We are financially viable and we will be able to survive, hopefully with the forecast profit we will be able to build on that.

"Continued losses long term are not sustainable, but we believe we are in a strong position."

Former ARU integrity manager Thomson has moved into a position as a director after being the club's interim chief executive last year.

He is part of a new-look board, which also includes Perret, former Brumby and Wallaby Pat McCabe as the players' representative, Chris Doogan and Michelle Melbourne.

The Brumbies redrafted their constitution last year, forming a nominations committee to sift through board applicants and abolishing the chief executive's position as a director.