With Oak Bluffs facing a budget shortfall of $1.5 million next year, the town finance and advisory committee will host a public meeting next week to gather public comment and answer questions.

The meeting begins at 4 p.m. on Thursday at the Oak Bluffs Public Library on Pacific avenue.

Town officials unveiled the $1.5 million shortfall for fiscal year 2011 just two months after voters at a special town meeting agreed to cuts totaling $500,000 from the current fiscal year budget that required two town employees to be laid off and two others to have their hours cut in half.

Meanwhile the town closed the books on fiscal year 2009 on July 1 carrying a deficit of approximately $150,000, causing the state Department of Revenue to reduce the town’s certified free cash. The town still needs to make up that amount, which will force departments to tighten their belts even further in the months ahead.

This is the third year in a row the town faces a large budget shortfall, and town leaders have vowed to look for ways to radically cut costs and boost revenue.

“Areas that contribute to the shortfall will be shared, and budget-balancing possibilities such as implementing hotels and meals taxes, cutting town services, freezing wages, collaborating with other towns and raising taxes through overrides will be discussed,” a press statement about the meeting said.

Finance committee chairman Mimi Davisson said town leaders have made a concerted effort to involve the public this year when drafting the budget. “We want to talk to as many people as possible. We want to share some of the ideas to balance the budget with the public and perhaps gather some new ideas in the process,” she said.