A report to its cabinet next week says it is now set to be £100,000 in the black in what council leader Matt Golby claimed as a 'remarkable achievement'.
However, he said the council's position was still 'fragile' and 'robust spending controls' would continue.
Government commissioners were sent in last year to rescue the council from a spiralling financial crisis.
A 'stabilisation plan' including cuts in services, increased charges and job losses was passed in a bid to balance the books, while the Government allowed the authority to raise its council tax to 4.99% and keep receipts from property sales which included the county hall.
Cllr Golby said: 'This is a remarkable achievement for all concerned and I would like to thank everyone for their hard work in making this happen.
'Let’s not forget that our financial challenge stood at £64.4m earlier this year so to be reporting such a positive situation for period 11 is a considerable accomplishment.
‘However, we still need to be cautious as – although this is exceptionally positive – it does not mean that the council has made a full recovery. Our financial position remains fragile.