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Mayor Dave Cull said the report was not finished yet, despite predictions of an early December completion date.
It will be discussed by the Dunedin City Council on Tuesday in a non-public session.
Mr Cull said the Dunedin City Holdings Ltd board got a progress report on the investigation yesterday.
The board would pass on that report at the council meeting on Tuesday.
The agenda for the meeting noted discussion of the report would be in a non-public section of the meeting as "the withholding of the information is necessary to protect information where the making available of the information would be likely unreasonably to prejudice the commercial position of the person who supplied or who is the subject of the information".
As well, the withholding of the information was necessary to enable the council to "carry out, without prejudice or disadvantage, commercial activities".
Mr Cull said he did not expect to get a verbal update yesterday, as had been reported.
As well, the report was not yet finished.
"I need to emphasise it is a progress report; it is not the final product."
He did not know when the report would be completed.
He also did not know if there would be an update for the public after Tuesday’s meeting.
"It depends what’s divulged, and what’s been discovered."