Laporta had acknowledged the club's significant debt, which stands at 1.35bn euros
Barcelona Thursday approved a budget of 765m euros ($899m) for the 2021-2022 season, the club said.
"An operating budget of 765m euros for the 2021/22 season has been approved," Barca said in a statement after a board meeting.
Barca had intially forecast revenues of 791m euros ($932m) for the 2020/2021 fiscal year.
However, this had been based on the assumption that fans would return to stadiums last December post-pandemic, which ultimately did not happen.
Thursday, the board of directors also approved "the close of the fiscal year for the 2020/21 season, with a loss of 481m euros ($565.4m)".
Barca president, Joan Laporta, had already announced these losses during a press conference he gave in August to explain the departure to Paris Saint Germain of Argentine star Lionel Messi.
At the time, Laporta also acknowledged the club's significant debt, which stands at 1.35bn euros ($1.587bn).