open session - usps...before rhb pre -funding, fers unfunded liability amortization, and non cash...
TRANSCRIPT
![Page 1: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/1.jpg)
®
1 November 13, 2015
Open Session
Board of Governors Temporary Emergency Committee Meeting
November 13, 2015
Washington, DC
![Page 2: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/2.jpg)
Financial Results Fiscal Year 2015
Open Session Temporary Emergency Committee
November 13, 2015
2
![Page 3: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/3.jpg)
1 - Estimated.
2 - Before RHB pre-funding, FERS unfunded liability amortization, and non-cash adjustments to workers’ compensation liabilities.
September YTD (12 Months) FY FY(Billions) 2015 2014Revenue (Excluding Temporary Exigent Surcharge) 66.8$ 66.4$
Temporary Exigent Surcharge 1 2.1 1.4
Total Revenue 68.9 67.8 Expenses 2 67.7 66.4
Controllable Income (Loss) 2 1.2 1.4 Retiree Health Benefits Pre-Funding (5.7) (5.7) FERS Unfunded Liability Amortization (0.2) - Workers' Comp. Fair Value Adj. (0.8) (0.5) Workers' Comp. Other Non-Cash Adj. 0.4 (0.7)
Net Income (Loss) (5.1)$ (5.5)$
Financial Results: Total Revenue
3
![Page 4: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/4.jpg)
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
FCM Single-Piece FCM PresortLetters & Other
Standard Mail Other (includesPeriodicals)
Total Shipping &Package
International Mail
21.7
42.1
80.3
6.5 4.0
0.9
20.6
41.9
80.0
6.3 4.5 0.9
Piec
es -
Billi
ons
FY2014 FY2015
FY2014 155.5
FY2015 154.2
YTD FY2015 has the same number of weekdays, Saturdays, & Sundays as compared to YTD FY2014.
Volume: September YTD FY2015 vs. SPLY
-5.5% -0.5% -0.3% -4.5% 14.1% 5.2% % Change
4
![Page 5: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/5.jpg)
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
$18.0
$20.0
FCM Single-Piece FCM PresortLetters & Other
Standard Mail Other (includesPeriodicals)
Total Shipping &Package
International Mail
$10.6
$17.9 $17.4
$5.5
$13.5
$2.9
$10.2
$18.1 $17.6
$5.1
$15.1
$2.8
$ Bi
llion
s
FY2014 FY2015
FY2014 $67.8
FY2015 $68.9
YTD FY2015 has the same number of weekdays, Saturdays, & Sundays as compared to YTD FY2014.
Includes Exigent Surcharge
Revenue including Exigent Surcharge: September YTD FY2015 vs. SPLY
-2.9% 1.2% 1.3% -7.3% 11.4% -5.5% % Change
5
![Page 6: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/6.jpg)
1 - Estimated.
2 - Before RHB pre-funding, FERS unfunded liability amortization, and non-cash adjustments to workers’ compensation liabilities.
September YTD (12 Months) FY FY(Billions) 2015 2014Revenue (Excluding Temporary Exigent Surcharge) 66.8$ 66.4$
Temporary Exigent Surcharge 1 2.1 1.4
Total Revenue 68.9 67.8 Expenses 2 67.7 66.4
Controllable Income (Loss) 2 1.2 1.4 Retiree Health Benefits Pre-Funding (5.7) (5.7) FERS Unfunded Liability Amortization (0.2) - Workers' Comp. Fair Value Adj. (0.8) (0.5) Workers' Comp. Other Non-Cash Adj. 0.4 (0.7)
Net Income (Loss) (5.1)$ (5.5)$
Financial Results: Expenses
6
![Page 7: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/7.jpg)
September YTD (12 Months) FY FY(Billions) 2015 2014Compensation & Benefits $51.8 $50.4
Transportation 6.6 6.6
Depreciation 1.8 1.8
Supplies & Services 2.7 2.6
Rent, Utilities & Other 4.8 5.0
Controllable Expenses $67.7 $66.4
Workhours (Millions) 1,128 1,107
1, 2
1 - Delivery days were even compared to SPLY.
2 - Excludes RHB pre-funding, FERS unfunded liability amortization, and non-cash adjustments to workers’ compensation liabilities.
1, 2
Controllable Expenses
7
![Page 8: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/8.jpg)
1 - Estimated.
2 - Before RHB pre-funding, FERS unfunded liability amortization, and non-cash adjustments to workers’ compensation liabilities.
September YTD (12 Months) FY FY(Billions) 2015 2014Revenue (Excluding Temporary Exigent Surcharge) 66.8$ 66.4$
Temporary Exigent Surcharge 1 2.1 1.4
Total Revenue 68.9 67.8 Expenses 2 67.7 66.4
Controllable Income (Loss) 2 1.2 1.4 Retiree Health Benefits Pre-Funding (5.7) (5.7) FERS Unfunded Liability Amortization (0.2) - Workers' Comp. Fair Value Adj. (0.8) (0.5) Workers' Comp. Other Non-Cash Adj. 0.4 (0.7)
Net Income (Loss) (5.1)$ (5.5)$
Financial Results: Net Loss
8
![Page 9: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/9.jpg)
9
CSRS Fund Balance $179.2B CSRS Actuarial Liability $199.6B
FERS Fund Balance $107.6B FERS Actuarial Liability $111.3B
RHB Fund Balance $50.3B Retiree Health Benefits Obligation $105.2B
Total Retirement-Fund Assets $337.1B Total Retirement-Related Liabilities $416.1B
Workers' Compensation $18.8B
Debt $15.0B
Unrestricted Cash $6.6B Accrued Compensation, $3.9Bbenefits, and leave
Land, Buildings & Equipment, net $15.7B Deferred Revenue $3.3B
Other Assets $1.7B Other $5.3B
Total Assets $361.1B Total Liabilities $462.4B
As of September 30, 2015
This slide includes all assets and liabilities of pension and post-retirement health benefits obligations. Items highlighted in yellow are not shown on our balance sheet under GAAP multi-employer rules and are the OPM’s projected valuation as of
September 30, 2015.
Total liabilities, including retirement obligations exceed assets by $101 billion.
It would take RHB legislative change and decades of annual profits to remedy this level of excess liabilities and unfunded retirement obligations.
A Deep Financial Hole – September 2015 Assets & Liabilities (including retirement accounts)
9
![Page 10: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/10.jpg)
FY2016 Integrated Financial Plan
Open Session
Temporary Emergency Committee
November 13, 2015
10
![Page 11: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/11.jpg)
Request approval of the following:
1. FY2016 Integrated Financial Plan and Capital Plan 2. FY2016 Borrowing and Financing Resolution
3. FY2017 Congressional Reimbursement
(Appropriations) Request
Approval Items
11
![Page 12: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/12.jpg)
FY2016 IFP Financials including Capital Plan
FY2016 Borrowing Authority
FY2017 Congressional Reimbursement
Agenda
12
![Page 13: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/13.jpg)
13
CSRS Fund Balance $179.2B CSRS Actuarial Liability $199.6B
FERS Fund Balance $107.6B FERS Actuarial Liability $111.3B
RHB Fund Balance $50.3B Retiree Health Benefits Obligation $105.2B
Total Retirement-Fund Assets $337.1B Total Retirement-Related Liabilities $416.1B
Workers' Compensation $18.8B
Debt $15.0B
Unrestricted Cash $6.6B Accrued Compensation, $3.9Bbenefits, and leave
Land, Buildings & Equipment, net $15.7B Deferred Revenue $3.3B
Other Assets $1.7B Other $5.3B
Total Assets $361.1B Total Liabilities $462.4B
As of September 30, 2015
This slide includes all assets and liabilities of pension and post-retirement health benefits obligations. Items highlighted in yellow are not shown on our balance sheet under GAAP multi-employer rules and are the OPM’s projected valuation as of
September 30, 2015.
Total liabilities, including retirement obligations exceed assets by $101 billion.
It would take RHB legislative change and decades of annual profits to remedy this level of excess liabilities and unfunded retirement obligations.
A Deep Financial Hole – September 2015 Assets & Liabilities (including retirement accounts)
13
![Page 14: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/14.jpg)
1 Before RHB pre-funding, FERS unfunded liability amortization, and non-cash adjustments to workers’ compensation liabilities.
FY FY IFP2014 (Billions) 2015 2016
66.4$ Revenue (Excluding Temporary Exigent Surcharge) 66.8$ 68.2$ 1.4 Temporary Exigent Surcharge 2.1 1.1
67.8 Total Revenue 68.9 69.3 66.4 Expenses 1 67.7 69.2
1.4 Controllable Income (Loss) 1 1.2 0.1 (5.7) Retiree Health Benefits Pre-Funding (5.7) (5.8)
- FERS Unfunded Liability Amortization (0.2) (0.2) (0.5) Workers' Comp. Fair Value Adj. (0.8) - (0.7) Workers' Comp. Other Non-Cash Adj. 0.4 -
(5.5)$ Net Income (Loss) (5.1)$ (5.9)$ 156 Volume (Pieces) 154 151
1,107 Workhours (Millions) 1,128 1,121
Profit & Loss Comparison: Total Revenue
14
![Page 15: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/15.jpg)
Revenue Trend FY2014-FY2016 including Exigent Surcharge
FY2015 $68.9
FY2014 $67.8
FY2016 IFP $69.3
• Exigent Rollback March/April 2016 negative impact $1.0B (FY2015 vs FY2016) • Exigent Surcharge amounts – FY2014 $1.4B / FY2015 $2.1B / FY2016 $1.1B
-2.9%
-5.5%
1.2%
-3.1%
1.3%
-2.7% -7.3%
-2.1%
11.4%
12.0%
-5.5%
10.0%
% Change
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
$18.0
$20.0
FCM Single-Piece FCM PresortLetters & Other
Standard Mail Other (includesPeriodicals)
Total Shipping &Package
International Mail
$10.6
$17.9 $17.4
$5.5
$13.5
$2.9
$10.2
$18.1 $17.6
$5.1
$15.1
$2.8
$9.7
$17.5 $17.2
$5.0
$16.9
$3.0
$ Bi
llion
s
FY2014 FY2015 Prelim FY2016 IFP
15
![Page 16: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/16.jpg)
1 Before RHB pre-funding, FERS unfunded liability amortization, and non-cash adjustments to workers’ compensation liabilities.
FY FY IFP2014 (Billions) 2015 2016
66.4$ Revenue (Excluding Temporary Exigent Surcharge) 66.8$ 68.2$ 1.4 Temporary Exigent Surcharge 2.1 1.1
67.8 Total Revenue 68.9 69.3 66.4 Expenses 1 67.7 69.2
1.4 Controllable Income (Loss) 1 1.2 0.1 (5.7) Retiree Health Benefits Pre-Funding (5.7) (5.8)
- FERS Unfunded Liability Amortization (0.2) (0.2) (0.5) Workers' Comp. Fair Value Adj. (0.8) - (0.7) Workers' Comp. Other Non-Cash Adj. 0.4 -
(5.5)$ Net Income (Loss) (5.1)$ (5.9)$ 156 Volume (Pieces) 154 151
1,107 Workhours (Millions) 1,128 1,121
Profit & Loss Comparison: Expenses
16
![Page 17: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/17.jpg)
Bridging the $1.5B Controllable Expense Gap of $67.7B in FY2015 to the Projected $69.2B in FY2016
$67.7
$69.2
$62.0
$63.0
$64.0
$65.0
$66.0
$67.0
$68.0
$69.0
$70.0
$71.0
FY2015 ProjectedControllable
Expenses
GI/COLA/Step RHB/Health Benefit FERS Contribution Add'l Day/DeliveryPts
TransportationIncrease
Supplies & Services(HQ Prgms)
Rent/Fuel/Maint Other WorkhourReduction
Rate Savings FY2016 Prelim IFPControllable
Expenses
($ B
illio
ns)
$1.1B in Upward Wage Pressure
0.7
0.1 0.4 0.3
0.3 0.3
0.2
(0.5) (0.6)
Cost Increases Expected to Outweigh Savings in FY2016
Total Cost Increases + $2.6B Total Savings ($1.1)B
0.3
17
![Page 18: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/18.jpg)
1 Before RHB pre-funding, FERS unfunded liability amortization, and non-cash adjustments to workers’ compensation liabilities.
FY FY IFP2014 (Billions) 2015 2016
66.4$ Revenue (Excluding Temporary Exigent Surcharge) 66.8$ 68.2$ 1.4 Temporary Exigent Surcharge 2.1 1.1
67.8 Total Revenue 68.9 69.3 66.4 Expenses 1 67.7 69.2
1.4 Controllable Income (Loss) 1 1.2 0.1 (5.7) Retiree Health Benefits Pre-Funding (5.7) (5.8)
- FERS Unfunded Liability Amortization (0.2) (0.2) (0.5) Workers' Comp. Fair Value Adj. (0.8) - (0.7) Workers' Comp. Other Non-Cash Adj. 0.4 -
(5.5)$ Net Income (Loss) (5.1)$ (5.9)$ 156 Volume (Pieces) 154 151
1,107 Workhours (Millions) 1,128 1,121
Profit & Loss Comparison: Controllable Income (Loss)
18
![Page 19: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/19.jpg)
Capital Commitments5 - Year Avg. FY2014 FY2015 FY2015 FY2016
In Billions ('10-'14) Actual Plan Actual Plan
Facilities $0.4 $0.3 $0.4 $0.4 $0.4
MP Equipment $0.2 $0.3 $0.8 $0.6 $0.5
Vehicles $0.0 $0.1 $0.5 $0.6 $0.2
IT & Other $0.1 $0.2 $0.5 $0.2 $0.7
Total $0.7 $0.9 $2.2 $1.8 $1.8
FY2016 Capital Commitments Plan
19
![Page 20: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/20.jpg)
Capital Cash Outlays5 - Year Avg. FY2014 FY2015 FY2015 FY2016
In Billions ('10-'14) Actual Plan Actual Plan
Facilities $0.5 $0.4 $0.5 $0.4 $0.4
MP Equipment $0.4 $0.3 $0.7 $0.5 $0.5
Vehicles $0.0 $0.0 $0.4 $0.1 $0.4
IT & Other $0.1 $0.1 $0.4 $0.2 $0.5
Total $1.0 $0.8 $2.0 $1.2 $1.8
FY2016 Capital Cash Outlay Plan
20
![Page 21: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/21.jpg)
FY2015 - FY2016 Liquidity Days of Operating Cash Available
(1)0123456789
101112131415161718192021222324252627282930
Sep-
14
Oct
-14
Nov
-14
Dec
-14
Jan-
15
Feb-
15
Mar
-15
Apr
-15
May
-15
Jun-
15
Jul-1
5
Aug
-15
Sep-
15
Oct
-15
Nov
-15
Dec
-15
Jan-
16
Feb-
16
Mar
-16
Apr
-16
May
-16
Jun-
16
Jul-1
6
Aug
-16
Sep-
16
Oct
-16
• Liquidity includes unrestricted cash plus available borrowing, up to $15B limit
• FY2015 Days of Operating Cash – based on average operating costs disbursed per day ~$270M
• FY2016 Days – based on ~$275M
Mid-October Balances shown - Low points after annual Workers’
Compensation payments to DOL
Without Retiree Health Benefits (RHB) Pre-Funding for 2015 ($5.7B) and no payment in 2016 ($5.8B)
Days
Actual
FY2015 FY2016
3 bi-weekly pay-days
3 bi-weekly pay-days
$ 1 B
$ 2 B
$ 4 B
$ 3 B
24 days
FY2016 IFP
$ 5 B
$ 6 B
$ 7 B
$ 8 B
$ 0 B
25 days
21
![Page 22: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/22.jpg)
FY2016 IFP Financials including Capital Plan
FY2016 Borrowing Authority
FY2017 Congressional Reimbursement
Agenda
22
![Page 23: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/23.jpg)
Management Recommendation:
Approve resolution authorizing issuance of debt through
November 30, 2016, within statutory limits and up to a
maximum of $15B.
Borrowing & Financing Resolution
23
![Page 24: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/24.jpg)
FY2016 IFP Financials including Capital Plan
FY2016 Borrowing Authority
FY2017 Congressional Reimbursement
Agenda
24
![Page 25: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/25.jpg)
(1) Forward funded to FY2017 (funds due to be available October 2016). Congressional committee recommendation set pending amount at $67.2M. FY2016 President’s Budget not yet enacted.
(2) OMB proposal based on 5-year rolling average. USPS request based on forecasted volume and cost.
(3) Reconciliation adjustment due to OMB/Congressional appropriation exceeding actual volume.
(4) Requesting Congress to reimburse USPS for annual appropriations authorized by 1993 Revenue Forgone Reform Act not received in prior years.
($Millions) FY2016 FY2016 FY2017USPS OMB Preliminary
Reimbursements to cover: Request Proposal Request
Free Mail for the Blind 1, 2 $49.2 N/A $51.3
Overseas Voting 1, 2 0.8 N/A 0.8
Reconciliation Adjustments (prior years) 3 -23.8 N/A -14.6
Total Reimbursements: Free Mail for Blind & Overseas Voting Revenue Forgone 1993 Act Installments 4 162.2 --- 162.2Total Appropriation Requested 188.3 199.7Total Appropriation Expected October 2016 67.2
37.467.226.1
FY2017 Congressional Reimbursement
25
![Page 26: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/26.jpg)
Request approval of the following:
1. FY2016 Integrated Financial Plan and Capital Plan 2. FY2016 Borrowing and Financing Resolution
3. FY2017 Congressional Reimbursement
(Appropriations) Request
Approval Items
26
![Page 27: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/27.jpg)
®
Quarterly Service Performance Report
Temporary Emergency Committee Meeting
Open Session November 13, 2015
David E. Williams Chief Operating Officer
27
![Page 28: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/28.jpg)
Quarter 4 Performance
Leverage our Infrastructure
Employee Commitment
Predictable Service
28
![Page 29: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/29.jpg)
®
FIRST-CLASS MAIL
SERVICE PERFORMANCE
Quarter 4, Fiscal Year 2015
29
![Page 30: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/30.jpg)
Actual SPLY
100 -
90 -
80 -
70 -
60 -
50 -
First-Class Overnight Target 96.80
96.24 96.88
Quarter 4, Fiscal Year 2015
30
![Page 31: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/31.jpg)
Actual SPLY
Target 96.50
100 -
90 -
80 -
70 -
60 -
50 -
First-Class 2-Day
94.81 96.77
Quarter 4, Fiscal Year 2015
31
![Page 32: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/32.jpg)
Actual SPLY
Target 95.25
100 -
90 -
80 -
70 -
60 -
50 -
First-Class 3-5 Day
89.00 94.05
Quarter 4, Fiscal Year 2015
32
![Page 33: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/33.jpg)
®
STANDARD MAIL
SERVICE PERFORMANCE
Quarter 4, Fiscal Year 2015
33
![Page 34: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/34.jpg)
Standard Mail Composite
Actual SPLY
Target 91.00
100 -
90 -
80 -
70 -
60 -
50 -
Quarter 4, Fiscal Year 2015
91.76 93.33
34
![Page 35: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/35.jpg)
Summary
Predictable Service
Drive Process Improvement
Employee and Industry Engagement
35
![Page 36: Open Session - USPS...Before RHB pre -funding, FERS unfunded liability amortization, and non cash adjustments to workers’ compensation liabilities. FY FY IFP 2014 (Billions) 2015](https://reader034.vdocuments.site/reader034/viewer/2022050418/5f8df910a85f972e0649e978/html5/thumbnails/36.jpg)
Confidential & Pre-Decisional 36 DISCUSSION DRAFT January 8, 2014