From Juggling to Just-Right: Smarter Ways to Manage Government Debt & Filings

Across New Jersey, government and educational institutions are facing increasing complexity when it comes to managing debt and related financial obligations. It’s no longer just about the payments—there are layers of responsibilities, from tracking and reporting to regulatory compliance and maintaining audit-ready records.

Finance teams are often stretched thin, balancing day-to-day tasks with long-term planning, all while navigating evolving disclosure requirements. In response to these growing challenges, financial institutions and service providers are focusing on solutions that streamline workflows, reduce manual effort, and strengthen compliance. From optimizing internal processes to leveraging trusted platforms like DebtBook, new approaches are helping public-sector finance teams lighten the load.

The following guide outlines practical strategies and tools that can help municipalities, counties, and school districts improve their approach to debt and disclosure management—while staying efficient, compliant, and prepared for what’s ahead.

Make Debt & Disclosure Management Easier: A Simple Guide for NJ Governments & Schools

Finance leaders in municipalities, counties, and school districts often juggle a wide array of responsibilities—budgets, audits, board meetings, community questions, and more. On top of that, they’re managing debt service schedules, lease agreements, software subscriptions, and mandatory public disclosures that keep investors informed and regulators satisfied.

The core requirements may seem straightforward, but they’re essential:

• Submit accurate and timely disclosures on the MSRB’s EMMA^® platform
• Ensure that leases and qualifying software subscriptions are properly accounted for on financial statements

This guide provides best practices and actionable tips to help government and school finance teams stay organized, reduce stress, and avoid risk—without increasing headcount.

3 Habits That Simplify Government Debt and Disclosure Management

1) Write it down—your policy and your process

Adopt a short, plain-language Debt Management Policy and revisit it annually. It sets expectations for how you borrow, track obligations, and communicate with stakeholders—and rating agencies appreciate the discipline. 

2) Keep one calendar.

Centralize all financial deadlines in one shared calendar. Include:

• Debt service payments
• EMMA® filing dates
• Audit milestones
• Board approvals

Include buffer time and internal review dates. New Jersey regulators emphasize proactive scheduling, and a single calendar reduces risk of missed steps.

3) Centralize the documents.

Create a shared digital folder with:

• Continuing Disclosure Agreements (CDAs)
• Lease and subscription contracts
• Official statements and board resolutions

Having everything in one place simplifies audit prep, boosts internal accountability, and helps new team members get up to speed faster.

A Quick Guide to GASB 87 & GASB 96

Leases (GASB 87):

Most leases now show up in your financial statements—think “we’ve committed to use this space or equipment for a period of time, so it’s more than an annual expense.” Make a list of all leases, capture terms and options, and be ready with simple schedules for auditors and notes. 

Software subscriptions (GASB 96):

Cloud tools like HR, finance, student information, or security software often qualify as subscription-based IT arrangements. If the agreement gives you the right to use the software for a set term, you’ll recognize it in your statements—along with certain implementation costs. 

For school districts:

NJ districts were reminded to implement GASB 87 in FY 2022 and follow GAAP using the state’s Uniform Minimum Chart of Accounts—so it pays to keep your lease and subscription details organized and mapped to the right accounts.

Stay on Track with Public Disclosure: What to share, When to share it

If you’ve issued public debt, your CDA likely requires:

• Annual financial reports (including audited statements)
• Event-based disclosures (e.g., rating changes, missed payments)

All filings should go to the EMMA® portal, where they’re accessible to both investors and the public. To streamline:

• Create a checklist of required disclosures
• Assign a primary and backup owner for each task
• Set automated reminders to ensure timely filings

Technology That Lightens the Load

If spreadsheets are getting unwieldy, public-sector platforms like DebtBook can centralize debt, leases, and subscriptions; generate audit-ready reports; and automate reminders for payments and filings—so you spend more time on planning and less on chasing paperwork. 

From automating financial scheduling, treasury reporting and managing debt proceeds, DebtBook can be an asset for government finance officers and their teams. DebtBook has processes to consolidate treasury and accounting data in a single cloud accessible location, automate debt accounting and year end reporting, stay on top of payment schedules and track and complete disclosure filings accurately and in a timely fashion. Whether it is keeping better records, improving budgeting and planning, ensuring accountability and transparency, or managing repayment and borrowing decisions, DebtBook helps government finance offices stay organized and plan wisely.

Partnering for Your Success

At Kearny Bank, we work alongside NJ municipal and school finance teams to streamline these workflows and share practical ways to reduce risk and save time. We have partnered with DebtBook to help our clients get the most out of this powerful platform. If you’d like a short working session—tailored for your town, county, or district—give us a call and we’ll walk through examples and templates you can start using right away.