Expected cuts in local aid from the state could punch a $400,000 hole in this year’s town budget, a gap that would have to be closed in the five and a half months remaining in fiscal year 2009. Town Administrator Tim Bragan warned the Finance Committee last week to prepare for painful spending cuts, which will have to be made as quickly as possible because the longer town officials wait, the harder the ax will fall. The committee has scheduled a “tri-board” meeting with the School Committee and the selectmen for Wednesday, Jan. 21, at 7 p.m. to deal with the projected shortfall.