Postmaster General and CEO Louis DeJoy’s Remarks During Nov. 14, 2023, Postal Service Board of Governors Meeting

“As our CFO Joe Corbett will explain later in our financial presentation, the Postal Service finished the fiscal year 2023 with a $6.5 billion dollar net loss. When looking back to our DFA projections published in March of 2021, we forecasted that we would break even this year.

Our efforts to grow revenue and reduce labor and transportation costs were simply not enough to overcome our costs to stabilize our organization, the historical inflationary environment we encountered, and our inability to obtain the CSRS reform we sought, none of which were accounted for in our forecasts.

While we are not happy with this result, we cannot lose sight of the downward trajectory the Postal Service faced in the fall of 2020 after years of neglect and willful indifference by its stakeholders and custodians prior, and of the substantial progress we have made in correcting our condition and our trajectory.”
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