Oak Bluffs voters agreed to cut $303,561 from the current fiscal year budget at a special town meeting Tuesday night, as town leaders said the days of financial disarray and instability are coming to an end.

“The elephant that’s in the room here with us is that we’ve had structural deficits over the last several years that have combined together to build into a significant general fund deficit,” said interim town administrator Robert Whritenour. “The time to address those structural deficits starts now.”

A total of 127 voters turned out for the meeting at the Oak Bluffs school to vote on the 10-article warrant..

Cuts came from every town department and included $45,000 in savings by leaving a reference librarian position vacant for the rest of the fiscal year, $35,000 by leaving a cemetery maintenance position unfilled, $25,000 by changing the town’s building inspector position to part time, $40,861 in cuts to the town travel and training budget and $20,000 from a self-funded workers’ compensation budget.

Mr. Whritenour said the town can now retire years of holdover deficits and regain firm financial footing.

Voters also agreed to add another $75,000 to the Seaview heritage project whose cost ballooned from $799,000 to $874,000. The project which is complete, included restoring the comfort station, Civil War memorial and fixing drainage problems in Waban Park.

Selectman and board chairman Kathy Burton struck a conciliatory tone about the cost overruns.

“We’re all really sorry this happened,” she said. “It’s an expensive lesson. We don’t ever want it to happen again. We’re definitely going to have better reporting and accounting and better accountability. We can’t undo this.”

Voters also approved joining the Cape and Vineyard Electric Cooperative and returned $342,000 in unused Community Preservation Act monies from the Bradley Square affordable housing project to the community preservation general fund.

The only article defeated on the warrant was a proposal to eliminate some 45 street lights throughout town.