With the possibility of a major campus overhaul on the horizon, school and community leaders have convened a working group to reconsider how Island towns share costs at the Martha’s Vineyard Regional High School.

But a meeting last month saw little in the way of consensus on the topic.

Currently, town assessments that pay for the high school budget and also capital projects are determined using a formula based on enrollment.

The high school has applied for state funding to help pay for an overdue project to replace or completely renovate its existing facility. A $1.4 million feasibility study is planned.

At their annual town meeting this spring, Oak Bluffs voters rejected their share of the feasibility study as a clear statement of protest against the funding formula. Because the town hosts many large regional facilities that do not pay taxes, including the regional high school, town leaders want to change the formula to help redistribute the burden.

Amy Houghton, a school committee member from Tisbury who led the first meeting of the working group, framed the issue.

“Because of . . . the failed vote in Oak Bluffs, there’s been more of an interest in figuring out if there’s any way to look at the funding formula in the perspective of the school being a community site,” she said.

Representatives from Chilmark, West Tisbury and Edgartown all indicated that their towns had little to no interest in altering the formula.

Edgartown selectman Arthur Smadbeck said he had researched how other regional school districts share costs in Massachusetts and found that enrollment is the most common method used.

“The standard way that this is done in most of these regions is on a per-student basis. You use it, you pay for it. And I understand that it’s always seductive to look at the town next to you and say, jeez if we had a formula, they’d pick up some of my tab,” Mr. Smadbeck said. “Trying to come up with a formula that is going to pass the three towns that get whacked, I don’t see it happening.”

Ms. Houghton probed the idea of whether there is interest in altering the way towns pay for capital projects. She said perhaps a different formula could be used to pay for the campus overhaul, since the building itself benefits people from all towns.

“Operationally absolutely it makes all the sense that if you’re sending 500 kids, you should be paying for 500 kids,” she said. “But on a capital expenditure, even this room, the number of people who come and sit in this auditorium, really it isn’t just Oak Bluffs and Tisbury who come here.”

The response was tepid.

“I think that it’s too much of a stretch to think that we’re going to change the funding formula just because we have a building to build,” Mr. Smadbeck said.

Ms. Houghton asked if the group would be willing to re-examine the way towns are represented on the regional district school committee, giving more voting power to towns with higher enrollment.

Assistant superintendent of schools Richie Smith cautioned the group to take note of the concerns of one member, even if that member is in the minority.

“I see our school system first as a system just like a body, and if an important part of my body is not operating well . . . the health of my body is impacted by that,” he said.

Meanwhile, school accountant Mark Friedman said the formula question needs to be settled soon.

“This issue is actually getting to the point where it’s urgent,” Mr. Friedman said. “Once we get to an acceptance with the [state funding support program], my understanding is the time to then try to rehash any type of regional formula may have passed. So the time is now if this is going to happen.”

The group agreed to meet again in June.

“We started on several different paths today, and I don’t think we really made progress on any of them to any kind of conclusion,” said Tisbury finance director Jon Snyder at the end of the meeting. “I think there’s a lot more to talk about.”