![]() A year ago, USPS had just 9 billion in the account, leading to dire warnings that it. Peters says he's confident his bill will pass the Senate because ten Republicans have co-sponsored it. The agency ended March with 25.8 billion in the Postal Service Fund, up from 16 billion the previous month. ![]() The bill would also allow post offices to generate revenue by selling hunting and fishing licenses, with the option of adding other services later on.Īnd it would require more transparency from the agency on performance metrics, such as the average time to deliver first-class mail. Peters says the bill eliminates requirements that no other business in the nation must meet, including having to fully pre-fund retirement health care for employees, no matter their age, and not being able to utilize Medicare in order to control health care costs. "We know our small businesses use the postal service, and it's particularly important for folks who live in rural areas." "Folks are relying on the mail service for critical supplies, medicines that come through the mail system," he said. Peters says Americans depend on the post office for more than delivering and receiving first-class mail. Performance especially suffered upon the appointment of Louis DeJoy as postmaster general in the final year of the Trump administration, say observers. Gary Peters (D-MI) has introduced a bill to strengthen the United States Postal Service. The Postal Service’s Form 10-Q, available on the Financials page, has additional information.U.S. It is essential that the Postal Service adopt reforms so that we are better able to meet the changing needs of our business and residential customers, and ensure our ability to provide reliable, universal mail and package delivery for all Americans.” electric vans and 14,000 charging stations as part of a move to. Postal Service is buying 9,250 Ford Motor Co. “While our positive financial results this quarter are certainly welcome, we continue to face systemic imbalances that make our current operating model unsustainable, and the economic impacts of the COVID-19 pandemic will continue to challenge the organization. AP Finance Post office buys 9,250 electric vans, 14,000 charge stations The U.S. The Postal Service’s 2019 annual financial report shows that the agency had a net loss of 8.8 billion that fiscal year, bringing total liabilities to more than 97 billion. “Our strong growth in package volume during the holiday quarter shows how dramatically our business and revenue mix is shifting,” said Postmaster General Louis DeJoy. Excluding a non-cash workers’ compensation fair value adjustment and a time-limited peak surcharge, the loss for the quarter would have been approximately $522 million. Net income for the quarter was $318 million compared with a net loss of $748 million for the same period one year earlier. ![]() Total operating expenses were $21.1 billion for the quarter, up 5.3 percent from the same quarter one year earlier. Postal Service management is aggressively addressing service levels affected by the pandemic and record package volume, and service continues to improve. T he PAEA required the Postal Service to calculate all of its likely pension costs over the next 75 years, and then sock away enough money between 20 to cover most of them. USPS doesn’t expect its package business growth over the medium term to the long term to make up for its losses in mail service revenue caused by the health crisis. Shipping and packages volume increased 25 percent as the organization delivered a record 1.1 billion packages during the holidays. First-Class Mail volume decreased 4.1 percent, while Marketing Mail volume declined 3.9 percent. Total volume was approximately 36.6 billion pieces, down 3.2 percent from one year earlier. Shipping and packages revenue increased 42.1 percent as a result of record holiday volumes affected by the surge in online shopping associated with the pandemic. First-Class Mail revenue decreased 2.7 percent, while Marketing Mail revenue declined 5.6 percent. However, USPS's expenses grew by 4.4 billion, including COVID-19 related expenses, such as personal protective equipment. Rapid growth and price increases for packages, resulted in a net revenue increase of 4.3 billion. Despite record election-related mail during the quarter, revenue from mail services dropped, the result of the coronavirus pandemic and ongoing mail declines. USPS's revenue increased in 2020 but not enough to avoid a net loss of 8.1 billion. Total revenue was $21.5 billion, up 11.1 percent from the same period one year earlier. ![]() The Postal Service has reported its financial results for fiscal year 2021’s first quarter (Oct. Joanna Brown, an Alexandria, VA, letter carrier, walks her route in December. ![]()
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