Modernizing New Issue Structuring with DebtBook
The City of Newton manages a complex mix of capital projects and recurring debt needs. Historically, long-term planning depended on manually built Excel models—combining schedules, adjusting formulas, and creating new sizing worksheets each time a project advanced. It worked, but it was time-consuming and introduced room for error.
When this year’s issuance timeline accelerated unexpectedly, Newton adopted DebtBook’s Sizing tool to support early modeling alongside their financial advisor. Sizing enabled the team to build multiple scenarios in under an hour, test maturities, and visualize impacts to their existing debt profile in DebtBook.
Moving forward, Sizing will serve as a foundational tool for evaluating capital projects, determining funding pathways, and fitting future debt service into the City’s budget with far greater accuracy and speed.
Use Case #1: Replacing Manual Excel Models with Sizing
Before using DebtBook, Newton relied heavily on Excel to build and update its debt scenarios. The team was manually creating formulas, stitching together multiple spreadsheets, and managing version control across files.
“Our City has relied on using manually built formulas in Excel, which increased work and margin for error in doing our long-term debt planning.” said Steve Curley, Comptroller at Newton, MA
With Sizing, the finance team can now create financing options in minutes, test multiple project combinations, and instantly overlay new structures onto existing debt already stored in the system.
One of the biggest benefits is just how quickly they are able to create new projects.
“Once you get the hang of it, it’s extremely easy to use. I put together seven projects with about a dozen different total scenarios in about an hour.”
This shift ensures Newton can evaluate options quickly while reducing the risks and inaccuracies that come with manual spreadsheets.
Use Case #2: Comparing Issuance Structures and Understanding Budget Impact
For Newton, one of the most valuable functionalities is the ability to test different borrowing years and term lengths and immediately see how those decisions affect the overall debt portfolio.
“It more easily allowed us to see the impact of different years for issuance terms — like 25 vs. 30 — and very easily overlay those figures on top of our existing debt,” Curley said.
Sizing’s comparison views, adjustable amortization structures, and visibility toggles give the team a clear picture of how each option affects annual debt service, long-term affordability, and alignment with capital needs.
This level of clarity is critical for communicating with leadership, coordinating with financial advisors, and planning for future issuances.
“Comparing schedules was the most helpful in analyzing potential years and amounts of our upcoming borrowing.”
With Sizing, Newton can move from reactive decision-making to data-driven capital planning anchored in robust, real-time modeling.
Use Case #3: Strengthening Long-Range Capital Planning and Budget Forecasting
Newton views DebtBook’s Sizing tool as a long-term planning engine that will support more strategic budgeting and more disciplined capital investment decisions.
“We plan to use Sizing for future capital projects to compare with our existing debt and see how we can fit estimated or projected new debt into our budget,” Curley said.
By helping the City evaluate whether projects should be bonded, supported with other financing sources, or postponed until other obligations roll off, Sizing gives Newton a more proactive framework for capital planning.
“It’s an easy-to-use tool to plan capital projects and debt issuance,” Curley said, “allowing you to prepare for long-term capital planning as well as fitting debt service into upcoming budgets.”
With a centralized platform, integrated existing schedules, and accurate modeling tools, Newton is now better positioned to plan responsibly, communicate clearly, and adapt its financing strategy to changing needs.
Conclusion
DebtBook’s Sizing tool has become an essential part of Newton’s capital planning workflow — accelerating scenario modeling, improving accuracy, and giving the finance team clearer visibility into long-term impacts.
As Curley put it:
“Sizing is an intuitive, valuable tool that enables municipalities to plan capital projects and debt issuance with greater accuracy and confidence while aligning debt service with long-term financial goals.”
By shifting away from manual spreadsheets and toward a purpose-built, integrated platform, Newton can now model smarter, plan further, and make informed decisions with confidence.
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