The U.S. Postal Service reported that it collected $586 million in exigent surcharge revenue in Q1 2015, ended last December 31. That brings total revenues obtained through the emergency 4.3% rate increase to just $15 million shy of $2 billion. The Postal Regulatory Commission’s approval of the exigent increase stipulated that it be pulled back once it had accrued about $3.2 billion in revenue.
The Postal Service had failed to file this report at the appointed date, February 18, most likely hoping for a decision from the D.C. Circuit Court of Appeals that might make the exigent increase permanent. But no decision was forthcoming from the court, and the PRC last week ordered USPS to issue the report immediately.
The Q1 report included estimated revenue collected from the sale of Forever stamps, as specified earlier by the PRC, and that newly stipulated calculation was applied to the total amount collected through the previous four quarters.
The Postal Service claimed that its surcharge collection report was late because staff resources had to be marshaled in responding to PRC requests for information relating to its Annual Compliance Report and its request for further information on rate change requests for market-dominant products.
