Transport for Greater Manchester (TfGM) took contractor Thales to the High Court over the claim for extra cash.
Transport for Greater Manchester Committee chair Andrew Fender said it would open "new opportunities for communities along the line".
Transport for Greater Manchester (TfGM), which oversees Metrolink, has made the move to help fund improvements due by 2014.
BBC: Metrolink fares hike to help fund new trams and smartcards
Replacing 40 bus services withdrawn due to "insurmountable" problems will be very difficult, Transport for Greater Manchester (TfGM) has said.
Transport for Greater Manchester said tram services will run every 12 minutes and a six-minute service will be introduced as passenger numbers grow.
Transport for Greater Manchester (TfGM) said bringing in the new system meant new lines to Central Park and Oldham Mumps would not open on time.
The chair of Transport for Greater Manchester Committee, Councillor Andrew Fender, said high-speed rail was "good news for the economy, not just for Greater Manchester but also the wider North".
Mr Fender, chair of the Transport for Greater Manchester (TfGM) committee in charge of Metrolink, said the delay had been caused by a tram management system not being available "within the prescribed timeframe".
BBC: Metrolink from Manchester to Droylsden to open in February
Department for Transport figures show that journey times are already falling in Greater Manchester, a trend that may become more pronounced if petrol prices stay high.
Sir Richard said the scheme would "play a vital part in helping Greater Manchester hit its targets for reducing carbon emissions as well as improving integrated transport choices and employment opportunities".
By extension, when First Group and Virgin made their bids to run the line that connects London with Manchester and Glasgow, it would have been reasonable to expect the Department for Transport to put a much greater weight on revenues the companies expect to generate in the first five to ten years than in the latter five years.
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