"It is your directors' intention to increase the players budget by a further £1million and to support Nigel as much as is prudently possible to strengthen his squad in the January transfer window," said Wharton.
"The finances for last year are a little below our forecast but they are okay, the sale of Andy Keogh just about balanced the books.
"We now have a club, virtually debt free, playing in the Championship for the first time in almost 50 years."
United's annual general meeting, where shareholders will be asked to accept the accounts, will be held at Glanford Park on December 17 at 7pm.
Wharton also revealed that club have plans for developing the Grove Wharf Stand and executive areas in the Scunthorpe Telegraph Family Stand if proposals for a new stadium do not come to fruition.
The transfer fee received for Billy Sharp, who returned to Sheffield United in the summer, will be £1.525m after 25 per cent was taken off for the Blades' sell-on fee - though this will fall into accounts for the following year.