Taylor - along with Derby's John Gregory and Rushden & Diamonds' Brian Talbot - answered to charges of using "abusive and/or insulting words to a match official."
The Tigers manager's hearing was in Nottingham today, and he reported: "I had a personal hearing regarding an incident that happened when we played Newcastle, and had a really good meeting and a very fair hearing. I've just been given a fine and a bit of warning for future conduct.
"I did lose my temper a little bit with the referee which I will apologise for if I see him but at the end of the day I think they understand it wasn't all my doing."
Taylor's grievence was with Nottingham-based referee Frazer Stretton's handling of clashes between City defender Marc Joseph and Newcastle forward Shola Ameobi in the first half of the friendly, with Joseph being booked.