GRAND ISLE — The Grand Isle Board of Selectmen again failed Tuesday to schedule a town meeting, but they did begin putting the final touches on a draft warrant for the meeting, which is now three months overdue.

The draft warrant includes almost 50 articles covering the usual mix of budgetary and housekeeping items, but for now the space for the meeting date remains blank.

Grand Isle, like many other New England towns, traditionally holds its annual town meeting in March. But the fiscal year, which began Feb. 1 here, is more than a quarter over and the meeting has not been held.

The proposed budget still must be reviewed by the town’s Budget Committee before the warrant can be authorized. The review work will begin at a joint meeting of the selectmen and the committee at 7 p.m. today.

Also in need of review is the 1994 audit report, which arrived late last month. Then the warrant and audit report must be printed and posted, which could push the meeting schedule into late June or early July.

In the meantime, funds continue to be spent on normal town operations because selectmen have “implied consent” to do so until this year’s budget is passed.

The selectmen learned about implied consent last year, when they sought legal advice on town meetings and operating budget issues. The 1994 town meeting was halted last March for lack of the previous year’s audit report.

When the meeting resumed the next month, voters canceled it because they had only received the audit report that night. An annual operating budget ultimately was approved at a special town meeting in June.

After consulting the Maine Municipal Association last year, selectmen learned they had the authority to spent money on normal operations during the time between the end of one fiscal year and the approval of a budget for the next. That consent stems from decades of custom and tradition, they were told. The selectmen also learned that a town budget could be passed at any town meeting — annual or otherwise.

Also on Tuesday, the selectmen disclosed their plan to explore moving the annual town meeting date from March to June, the same month voters usually meet to approve the Grand Isle School Department’s operating budget.

Selectman Joseph R. Chasse said the town’s options were to ease into a June town meeting over a four-year period by adding a month to the next four annual budgets; to make the shift more quickly by putting before voters a four month budget or a 16-month budget, which would result in a fiscal year running from July 1 to June 30 from then on; or to continue with the status quo.

Chairman James Michaud figured the town could save money by moving the town meeting to June. As one example, he cited the savings the town realized by taking the time to shop around for a cheaper auditor.

He earlier speculated that the town had cut the audit costs by about half of last year’s total because the work was done after the spring rush.

The selectmen also noted that they plan to explore the feasibility of changing from the current annual tax billing to issuing tax bills twice a year. Tax payments would be divided into two portions.

The selectmen also met with Diane LaChance, who last week was named administrator of the Community Development Block Grant the town received to upgrade substandard homes.

She assumed her new post Wednesday, and expected her first few months on the job to be hectic because the program was somewhat behind schedule.