U.S. Bankruptcy Judge Steven Rhodes
It's good to know that the guy who oversaw Detroit's bankruptcy is bullish on Detroit.
Tom Walsh of the Detroit Free Press reports that U.S. Bankruptcy Judge Steven Rhodes, who just retired, is optimistic about Detroit's future, describing Mayor Mike Duggan as a "very enthusiastic and confident and competent mayor." He also praised the "supportive City Council."
Walsh writes:
But it's also worth paying close attention to a few admissions of regret, worry and caution that Rhodes expressed in a wide-ranging interview Thursday with the Free Press.
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, 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."