The decision on that fund was positive and the words used were:

“The Cabinet:-
(i) authorised prudential borrowing of up to £5m and the use of available funds from the Birmingham Loan Fund reserve (as balanced by the Chief Executive and the Strategic Director of Corporate Resources) to create the Creative Industries Fund to the value of £5m;

(ii) authorised the Chief Executive and the Strategic Director of Corporate Resources, in consultation with the Cabinet Member for Transport, Environment & Regeneration, to make available the Creative Industries Fund to qualifying applicants, to be invested in the period up to 31st March 2016, to be managed and delivered by the City Council’s wholly owned Company – Finance Birmingham Ltd;

(iii) authorised the use of the ring fenced Birmingham Loan Fund reserve to fund the Creative Industries Fund negative revenue cash flow arising from minimum revenue provision application and optimisation;

(iv) authorised the Director of Legal and Democratic Services to negotiate, execute and complete all necessary documents to give effect to the above.”