- Revenue of $16.7 billion, essentially flat compared to third quarter last year excluding prior year change in accounting estimate
- Urgent need remains for postal reform legislation and regulatory relief in addition to continuing management initiatives
From the National Association of Letter Carriers:
On May 10, the U.S. Postal Service released a report on its financial performance for the second quarter of Fiscal Year 2017, covering January, February and March of 2017. Here is National Association of Letter Carriers President Fredric Rolando’s statement about this report: Continue reading
From the US Postal Service:
- Operating revenue impacted by the expiration of the exigent surcharge
- Net loss of $562 million
- Urgent need to advance postal reform legislation
WASHINGTON — Although the U.S. Postal Service posted modest controllable income for the second quarter of fiscal year 2017 (January 1, 2017 – March 31, 2017) of $12 million, it fell well short of the $576 million that it had for the same quarter last year. This reduction was driven by the April 2016 expiration of the exigent surcharge, which would have generated approximately $500 million in additional revenue during the quarter had it remained in place, and to a lesser extent, a $69 million increase in controllable operating expenses. Continue reading
The U.S. Postal Service provides pension and health insurance benefits to its retirees. Postal Service employees participate in the Civil Service Retirement System (CSRS) or Federal Employees Retirement System (FERS) pension programs. The Office of Personnel Management (OPM) administers these programs, including projecting future CSRS and FERS assets and liabilities for the federal government and Postal Service. Continue reading
From USPS News Link:
USPS is offering comments on the 10-year pricing system review being conducted by the Postal Regulatory Commission (PRC).
Under a 2006 postal law, the PRC must review the system used for regulating rates and classes for market-dominant products, including First-Class Mail, USPS Marketing Mail and other mail categories. Continue reading
From the American Postal Workers Union:
03/20/2017 — On March 16, the House Oversight and Government Reform Committee “marked-up” and approved the Postal Reform Act of 2017 (H.R. 756). A mark-up is a formal process where a congressional committee can consider and amend a bill before advancing it to the full House of Representatives or Senate.
Recognizing the need to set the Postal Service on sound financial footing, the APWU supported H.R. 756 advancing through committee. The favorable vote to move the bill out of the Oversight Committee is one of several key steps in a lengthy legislative process. Continue reading
From the US Postal Service:
Passage of postal reform legislation in new Congress urgently needed
WASHINGTON — Excluding the effects of a $1.7 billion change in its workers’ compensation liability due to fluctuations in interest rates, the U.S. Postal Service posted a net loss of approximately $200 million for the first quarter of fiscal year 2017 (October 1, 2016 – December 31, 2016).
Controllable income for the quarter was $522 million compared to $1.3 billion for the same period last year, a decrease of $735 million. Operating revenue decreased by $155 million, and was significantly impacted by the April 2016 expiration of the exigent surcharge. If the exigent surcharge had remained in place, the Postal Service would have generated approximately $570 million in additional revenue during the quarter. Continue reading