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Year-end review

Revenue grows but losses continue, CFO reports

CFO Joe Corbett

The Postal Service’s business is performing well, but without legislative and regulatory changes, the organization will continue to face losses, Chief Financial Officer Joe Corbett says.

Revenue and controllable income — before the exigent surcharge — grew during the fiscal year that ended Sept. 30, Corbett reports in his latest “Dollars and Change” video.

USPS also improved its performance in all service categories during the year’s fourth quarter, and the organization met or exceeded its customer satisfaction and employee safety measurements.

Additionally, after years of post-recession declines, mail and package volumes stabilized during fiscal 2016.

“The business is performing quite well,” Corbett says.

He also offers a detailed look at the year-end financial results, noting that USPS lost $5.6 billion in 2016.

Corbett says the Postal Service will continue to face losses because of mandated costs such as an unaffordable retiree health benefits program and inflexible, ineffective pricing regulations.

“Legislative and regulatory reforms remain critical for us to clean up our finances and meet the needs of the American public now and well into the future,” he says.

The CFO also thanks employees for their contributions “to our outstanding 2016 results, and for all you do each day.”

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