Lib Dem councillors are proposing for the city council to invest £40,000 in the Guildhall Trust and £40,000 in the Kings Theatre, to assist with the renovation of the facilities at the two venues.
This money will be spent on refurbishing, improving and updating the facilities at these venues.
Cllr Steve Pitt, Cabinet Member for Culture Leisure and Sport at Portsmouth City Council, said: “We’re committed to investing in our cultural offer and working to make it attractive all year for residents and visitors. That means investing in the venues so that they can attract world class acts and programmes of events."
The funding is being recommended as part of Portsmouth City Council's capital budget which will go before the city's Full Council for approval in February.
The capital budget invests in a range of infrastructure schemes throughout the city like buildings and facilities, rather than the day-to-day running of council services that have to be paid through a separate revenue budget.