USPS Plans $1.1 Billion in Cost Cuts
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WASHINGTON, DC—The Board of Governors for the U.S. Postal Service approved a financial plan for fiscal year 2007 that includes cost-cutting initiatives totaling $1.1 billion, including a decrease of 40 million workhours from the FY 2006 level.
The plan calls or a 3.2 percent increase in revenue and a 2.6 percent increase in expenses over the current year’s forecast, yielding $1.7 billion in net income. But the $3.3 billion escrow requirement leaves the USPS $1.6 billion in the red. The plan assumes slower growth in the U.S. economy and implementation of the planned postage price adjustments in May 2007.
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