Retired Bankruptcy Judge Steven Rhodes is bullish on Detroit's future — praising its "very enthusiastic and confident and competent mayor" and "supportive City Council" — three months after approving the city's plan to exit chapter 9 bankruptcy, the Detroit Free Press reported on Saturday. But there are also a few aspects of the case and city that trigger regret, worry and caution for Judge Rhodes. Detroit missed a chance to do away with defined-benefit pensions, he said, exposing the city to long-term risk from cash shortfalls or poor investment returns. And despite being subject to long-term fiscal oversight by a Financial Review Commission, Judge Rhodes acknowledged, Detroit's comeback could be delayed or derailed by a relapse of city-suburb discord on issues like the region's water and sewer system, or a return to mismanagement or corruption at City Hall in Detroit. "I'm very optimistic about the future of the City of Detroit. Its balance sheet is fixed," Rhodes said. "It has very feasible and reasonable budgets. ... So the formula and the ingredients are there."
