An all-Island meeting set for Monday to discuss the regional high school funding formula has been postponed.

The meeting will be rescheduled; no date has been set yet, according to regional high school chairman Amy Houghton in a text message to the Gazette Friday.

The funding formula is shaping up to become a political football again, with two towns staking out opposite positions.

The Edgartown select board said at its meeting Monday that it will support the one-time funding formula for a future renovation project at high school, after town administrator James Hagerty broke down the potential cost to each town.

But at their own meeting one day later, the Oak Bluffs select board balked and said the formula was unacceptable.

The high school recently made the eligibility list for the Massachusetts School Building Authority, which reimburses a significant percentage of the capital costs for school building projects.

But the MSBA has made it clear that for any project to receive funding, support is needed from all six towns. To date, there has been no unanimity, with Oak Bluffs the lone objector and holdout.