The cost of administering and enforcing a bicycle licence system would likely be revenue negative and I don't see any particular benefit for the city or the cyclist. Similarly, mandatory helmet legislation has significant promotion and enforcement costs associated with it. There's also some evidence that mandatory helmet laws decrease bicycle utilization so there can be a negative population health impact.

Michael Walker has always struck me as rather daft, so I don't suspect this will go very far. It's also not the first time it's come before council. In all previous instances that I'm aware of, it's been turned down.