Despite cutting 40,000 career employees, getting a $4 billion break on retiree health benefit payments, and taking other cost containment measures, the Postal Service reported a net loss of $3.8 billion for its 2009 fiscal year. The bleak report, issued November 16, showed $1 billion more red ink than a year earlier. The report also […]
PMG Potter earned $734,650 “Salaries for executive level officers were frozen for calendar year 2009. The salary amounts vary from FY09 and FY08 because USPS salaries are based on the calendar year and not the fiscal year. Therefore, FY08 salary numbers include a portion of 2007 salary figures. In addition, the values in the above […]
2010 Financial Plan Predicts More Losses Next Year WASHINGTON—The U.S. Postal Service (USPS) today filed its 2009 fiscal year-end financial results, showing a net loss of $3.8 billion for the year — despite cost-cutting efforts resulting in $6 billion in cost savings and a $4 billion reduction in required payments for retiree health benefits. Cost […]
Highlights of GAO testimony to the Subcommittee on Federal Workforce, Postal Service, and the District of Columbia, Committee on Oversight and Government Reform, House of Representatives on November 5, 2009 Financial Challenges Continue, with Relatively Limited Results from Revenue-Generation Efforts The U.S. Postal Service’s (USPS) financial condition and outlook deteriorated significantly during fiscal year 2009. […]
The U.S. Postal Service filed its July 2009 (unaudited) preliminary financial report yesterday with the Postal Regulatory Commission. USPS reported a net income loss of $721 million (July 2009 was $865 million). The year-to-date deficit currently stands at approximately $6.3 billion. Mail volume was down across all classes with an overall total decrease of 13.2%. […]
The U.S. Postal Service filed its July 2009 (unaudited) preliminary financial report yesterday with the Postal Regulatory Commission. USPS reported a net income loss of $865 million (Junel 2009 was $1.3 billion). The year-to-date deficit currently stands at approximately $5.6 billion. Mail volume was down across all classes with an overall total decrease of 13.7%. […]
Year-End Cash Shortfall Likely Despite $6 Billion in Cost Reductions; Customer Service Scores Remain High in Face of Economic Challenges The U.S. Postal Service ended its third quarter (April 1 – June 30) with a net loss of $2.4 billion, including a non-cash adjustment that increased workers’ compensation expense by $807 million. Ongoing electronic diversion […]
The Senate Homeland Security and Governmental Affairs Committee met today to mark-up S. 1507. The amendments target arbitration and executive bonuses and USPS borrowing. According to Postcom.org: The following amendments were adopted to S. 1507 Postal Service Retiree Health Benefits Funding Reform Act of 2009 on July 29, 2009 at the Senate Committee on Homeland Security & Government Affairs […]
From The USPS Office of Inspector General (OIG) This report presents the results of our review of high-risk contract postal units (CPU) (Project Number 08BD009FF006). The U.S. Postal Service Office of Inspector General (OIG) performed this self-initiated review to test selected transactions, address financial risk, and provide feedback to management to improve financial operations nationwide. […]
The US Postal Service filed its April 2009 (unaudited) preliminary financial report yesterday with the Postal Regulatory Commission. USPS reported a net income/ loss of $385 million. The total year-to-date loss is approximately $2.3 billion. unaudited (Jan, 658m) (Feb, 751m) (Mar, 491) (all unaudited totals) . Mail volume was down across all classes with an […]