The state Legislature convened its 2016 regular session Jan. 19 amid fresh concerns about plummeting oil prices and state revenues. It’s isn’t a pretty picture: Back-to-back $3 billion-plus budget deficits and draws from state cash reserves.

If there’s a silver lining it is this: Pressure is growing on legislators to adopt a fiscal plan, tapping other resources, such as investment earnings, to offset lower oil income. Several Senate leaders have endorsed the idea of using Permanent Fund earnings, but the House has yet to grapple with this (there are internal problems). Use of Fund earnings would come this year, under the current thinking, with modification of the Permanent Fund Division and possible taxes considered next year, after the 2016 elections. (See more in our published Legislative Digest. (Contact us at [email protected] to inquire.)