Well, as long as they are not spending it on stupid and dangerous cycle lanes like the recent addition to my route through Salford, I'm for it.
There is a lack of decent bike storage facilities around Manchester. I decide where my office is located and so can ensure that we always have facilities on site even though I'm the only cyclist in the office. I would not be commuting by bike if I had to leave even my relatively cheap commuter chained up outside for the local f***wits to meddle with. These measures may not encourage many more to get on their bikes but could at least make life more pleasant for those that already do and who are not as lucky as me.