USPS to announce 2017 financial results on November 14

WASHINGTON — The Temporary Emergency Committee of the Board of Governors of the U.S. Postal Service (“TEC”) will meet November 14 in open session at Postal Service headquarters, 475 L’Enfant Plaza, SW, Washington, DC. The public is welcome to observe the meeting beginning at 8:00 a.m. ET in the Ben Franklin Room on the 11th floor. The TEC is expected to discuss the following items: Continue reading

The Case of the Ghostly Governor

How a Governor who left office in 2016 authorized USPS rates for 2018…

Note: the Billbray letter was pointed out to us by a former postal official, and was first reported on by postalmag.com. Some reports have referred to the Billbray letter as “postdated”, which is not accurate, since the letter is dated November 14, 2016, presumably the actual date it was signed- even though it was not filed with the PRC until almost a year later. Continue reading

USPS posts $12 million operating profit for second quarter

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

OIG: Update for Measuring Pension and Retiree Health Benefits Liabilities

Background

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