DALLAS — Falling reserve levels and delays in financial reporting prompted Standard & Poor’s to lower the ratings of Fort Worth’s general obligation debt and lease revenue bonds by two notches. Now all three major ratings agencies have downgraded the city’s debt due to the lack of timely disclosure.

The filing delays started about four years ago when a new auditor ran into difficulty reconciling bank statements to the general ledger for fiscal 2007. The auditor noted “material weakness” in the reconciliation method, tracking of assets, and internal controls, according to Fitch Ratings.

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