Despite the ongoing national recession — or perhaps because of it — the West Tisbury town hall renovation and expansion project is nearing completion both ahead of schedule and under budget, town leaders said this week.

Town hall employees plan to move back into the newly renovated space on Sept. 18, more than two months ahead of the original December deadline. Meanwhile officials are estimating the final cost of the $5.2 million project to be as much as $200,000 below cost, largely due to a lower cost of materials and labor.

“It looks like the project will be under budget, although we still don’t know how much,” said Bea Phear, chairman of the town hall renovation committee. “We are thinking it will be several hundred thousand dollars less than what was originally approved at town meeting.”

Mrs. Phear said this means the town will have to borrow less money for the project, which in the end will reduce the final cost to taxpayers.

She said most of the construction outside and inside the historic building is finished, with some bits and pieces left to go, including painting and a lengthy punch list of last-minute changes and improvements.

An open house is planned sometime before the September moving-in date.

Mrs. Phear said lighting already installed outside the building will need to be replaced. “They are too bright,” she said, adding: “People thought they were inappropriate for a small village like West Tisbury. They will be replaced.”

Stairway railings are still being fabricated and workers have installed temporary railings that will be used until the real railings are completed. Furniture is expected to be delivered at the end of this month or early next month.

Town hall employees have been working out of a small temporary trailer park on Music street since September, when general contractor J.K. Scanlon of Falmouth started construction.

“The one thing, and really the only thing, I will say good about the trailers is that on nice days you get to step outside to get to the other offices. But when it rains the blush quickly comes off the rose. So yes, everyone is looking forward to the move . . . I think people can’t wait to get back,” said town executive secretary Jennifer Rand this week. She added:

“And that building looks so great. I think everyone is really excited.”

The building, which dates to 1870, still has its mansard-roof design and interior high ceilings that give it much of its charm and appeal.

Selectman Richard Knabel said he walked through the building last week and was impressed.

“There is still some work to be done, but overall everything looks good. It will certainly be an improvement over [the old town hall],” he said.

Mrs. Phear said some landscaping and exterior work will be done after workers return to town hall next month.

A new playground has been designed to replace the set formerly used by students of the old school once housed in the building. The playground will not be installed until the temporary trailers are removed.

Mrs. Phear estimated that all work — including the playground, painting and landscaping — should be completed by the end of October. “That’s my hope. And considering the timetable so far, I think that’s a reasonable expectation; everything has gone really well,” she said.