A total of £1,066 million will be split between teaching, research and other projects and grants next academic year, very slightly down on 2013-14, when the overall budget was £1,074 million.
The council said that £18.5 million would be spent on creating 3,300 new university places, the majority for those from poor backgrounds or those articulating from college.
Michael Russell, the Scottish education secretary, said that the funding was “significant”.
“This announcement means our colleges and universities can progress planning on our priorities such as widening access, progression from further to higher education and more support for college students, mirroring the emphasis that we have placed on education being based on the ability to learn, not the ability to pay,” he said in a statement.
Research and knowledge exchange funding has been increased the most, and will rise from £264 million this academic year to £296 million in 2014-15.
Teaching funding will amount to £647 million, a rise of £6 million.
But funding for “strategic projects and grants”, which in 2013-14 included money for projects such as innovation centres and climate change, has been cut back by around £50 million to just under £115 million next year.