And the club's loan payment schedule has been extended until 2022.
Bowkett told City's official website: "It has been a year of positive progress on and off the pitch thanks to some very hard work by all concerned."
The accounts confirm the club sold land adjacent to Carrow Road, currently a car park, for £2.1m.
Revenue was down from £18.2m to £17m, predominantly because of the reduction in income as a League One club last season.
It is an ongoing challenge and the hard work from everyone at the club will continue in the months and years ahead
Norwich City chairman Alan Bowkett
However, the board is hoping 2010/11 results will show a revenue increase of at least £5m, and that net debt will reduce by a further £1m.
"The numbers show a club in transition but we are now showing positive results on an operating level for the first time since 2007," continued Bowkett.
"The long-term future is now much more secure thanks to refinancing our debts and we are forecasting increased revenue and improved profit before tax in the next financial year.
"It is an ongoing challenge and the hard work from everyone at the club will continue in the months and years ahead.
"Our football management team and the players have set the benchmark on the pitch as to what is expected of all colleagues at Norwich City. We aspire to replicating their success off the pitch."
Source: BBC Sport
Source: BBC Sport