Passenger services are expected to run by summer 2014, while full route tram testing from Edinburgh Airport to York Place is expected to begin late Spring 2014.
The report also shows improved pedestrian access in Shandwick Place and St Andrew Square will be available before Christmas.
All major utility diversion works are due to be completed by the end of November 2012.
Princes Street will be fully open by the end of November 2012.
The majority of civil engineering road and track works at the east end of Shandwick Place by are estimated to be finished by February/March 2012.
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Transport Convener, Councillor Lesley Hinds, said: "The tram is Scotland's second largest infrastructure project and, as everyone knows, there have been a number of challenges to overcome. However, I'm very pleased that we are continuing to move in the right direction.
"We understand the huge importance of Christmas to retailers so steps are being taken to try to improve access for shoppers by fully opening Princes Street and improving pedestrian access around St Andrew Square and Shandwick Place."
Transport Minister Keith Brown said: "Since the new governance arrangements were put in place last year, Transport Scotland has played a key role in supporting the Council and Contractor in getting the trams project back on track, and I am pleased to see that this report shows considerable progress has been made by all those involved with the project since September last year.
"However, we shouldn't forget that many people and businesses in Edinburgh have been inconvenienced by the tram works, and everyone involved owes it to them to ensure the project is delivered by summer 2014."
(IT)
