And the club has also applied for funding from the state government to help with renovations of its ageing facility, which has not to have happened in over 20 years, and has applied to Council have its water costs halved.

The club has tumbled into significant debt, with a loss of $12,700 in the 2012-13 financial year, and Racing NSW stepped in to financially resolve the club.

This resulted in a reduction of racing meets to 12 this season, where in the past as many as 21 had been held.

With no race meets at all during winter this year, some local horse trainers and stakeholders of the club became frustrated, and with member for Monaro John Barilaro and representatives from Council, held a meeting away from the club's administration on July 14 raising concern of the club's viability.

But Comyn said these issues were now on the mend, and said Council's $8800 sponsorship would help his club pay its bills and step towards future projects.

"The tracks cost us $1200 a month in repayments, and mowing costs us $600 a month, and we're paying off all of our new televisions, so the money will help cover that," he said.

"The sponsorship from the Council is great, and we've recently had our draw for the Queanbeyan Cup, which included 63 individual sponsors, and while they're not $8000 each, they added up to a good amount of money."

While he could not reveal any details, he said the administration of the club was also in discussions to plan further improvements to the club.

Queanbeyan mayor Tim Overall said it was in Council's interest to increase its sponsorship to the racing club, citing it as a major economical contributor to the Queanbeyan community.

"The Queanbeyan Racing Club, and trainers associated with the club, employ a large number of staff and draw people from across the region to its race meetings, which in turn has a positive impact on Queanbeyan's economy," Cr Overall said.

"Where required, Council will work with the Queanbeyan Racing Club to assist with its viability into the future."

The next race meet at the club will be the Queanbeyan Cup day on November 29.