Daily printout: Nov. 14

The Postal Service has reported its financial results for fiscal year 2024 (Oct. 1, 2023-Sept. 30, 2024). Here are the highlights:

• Revenue. Total operating revenue was $79.5 billion, an increase of 1.7 percent compared with the previous fiscal year. First-Class Mail revenue increased 3.4 percent, while Marketing Mail revenue increased 1.9 percent. Shipping and packages revenue increased 2 percent.

• Volume. Total volume was 112.5 billion pieces, down 3.2 percent from the previous fiscal year. First-Class Mail volume declined 3.6 percent, while Marketing Mail volume declined 3.2 percent. Shipping and packages volume increased 2.7 percent.

• Expenses. Under generally accepted accounting principles, total operating expenses for the year were $89.5 billion, an increase of 4.8 percent compared with the previous fiscal year. The overall increase in operating expenses was because of noncash workers’ compensation adjustments and inflationary effects on compensation, retirement and other operating costs, partially offset by lower transportation costs.

• Controllable loss. Excluding certain expenses that are not controllable by management, the controllable loss was $1.8 billion for the year, compared with over $2.2 billion for the previous fiscal year. The net loss for the year under generally accepted accounting principles totaled $9.5 billion, compared with a net loss of $6.5 billion for the previous fiscal year, an increase of $3 billion primarily attributed to the year-over-year increase in noncash workers’ compensation expense.

More than 80 percent of the Postal Service’s current-year net loss is attributed to factors that are outside of management’s control, specifically the amortization of unfunded retiree pension liabilities and noncash workers’ compensation adjustments.

“Our pricing and product strategies are continuing to improve our revenue picture and fuel market share gains in our package business, demonstrating the increasing competitiveness of the Postal Service,” said Postmaster General Louis DeJoy.

“While we continue to reduce our costs, there remain many economic, legislative and regulatory obstacles for us to overcome. We look forward to continuing our focus on transforming and modernizing the Postal Service, driving revenue, reducing the cost to deliver, improving operational performance, and positioning the organization for long-term financial sustainability.”

The Postal Service’s Nov. 14 news release has more information.

Joseph Corbett, the Postal Service’s chief financial officer, will retire Tuesday, Dec. 31, and be succeeded by Luke Grossmann, the organization’s finance and strategy senior vice president.

Corbett joined USPS in 2009, overseeing the organization’s departments of finance and strategy, treasury, accounting, pricing and costing, and supply management.

His tenure has been marked by a commitment to financial transparency and responsible decision-making, particularly following the enactment of the 2006 Postal Accountability and Enhancement Act, which transformed the USPS operational framework.

“Joe has been a cornerstone of our financial strategy and decision-making, guiding the Postal Service through numerous financial challenges,” said Postmaster General Louis DeJoy. “We thank him for his invaluable contributions and wish him all the best in his future endeavors.”

Grossmann, who will begin his new duties Saturday, Nov. 30, joined USPS in 2005 and previously served as a district manager and as director of operations research, insight and continuous improvement.

He has been pivotal in leading the Postal Service’s strategic planning, budgeting, forecasting and financial analysis efforts.

“We are excited to welcome Luke as our new CFO,” said DeJoy. “His proven leadership and extensive experience with the Postal Service will be instrumental in continuing our financial strategy and supporting the Delivering for America plan.”

The Postal Service’s Nov. 13 news release has additional information.

To help Postal Service employees compare health plans during this year’s open season, the organization offers access to Checkbook’s Guide to Health Plans for Federal Employees.

The online guide has information about all plans available through the new Postal Service Health Benefits Program.

Employees can use the comparison tool to find the right health plan for themselves and their dependents. It includes information on Medicare, copays, deductibles, prescription drug costs and whether dental and vision benefits are included in specific health plans.

USPS provides free access to this guide for all employees and retirees.

Employees can access the guide through the MyHR website’s open season page.

Open season, the annual period when employees can change their health coverage or enroll in a new plan, will conclude Monday, Dec. 9.