The Senate Finance Committee reviewed a bill which could end up reshaping the future of the state’s finances last week.

As with two other bills under consideration, the Permanent Fund Protection Act (Senate Bill 26) would arrange the Permanent Fund’s Earnings Reserve Account – from which the state’s annual dividends are paid out – so that the amount of money drawn from the earnings would be tied to an historical average of percent of market value (POMV).

Proposed by Gov. Bill Walker, a percentage of the ERA under this new regime would then be split between dividends and agency spe...