The Assembly at Stormont was dissolved at midnight last night,paving the way for fresh elections in March.
The 108 members elected in November 2003 now have a number of days to clear out their desks and remove all belongings from their offices as Stormont goes into election mode for the election on March 7th.
Members debated a range of issues during their final meeting.
They responded to a review on spending and the programme for government. The fourth report carried out by the Committee on the Programme for Government recommended a study into the financial and social impact of introducing a cap on rates.
The report called on the new executive to reconsider the introduction of water rates.
The motion was proposed by Sinn Féin's Francie Molloy, who said Northern Ireland must make better use of its resources. "During 2005 to 2006, there was an underspend of £227 million [€343 million], yet the Department of Finance borrowed £411 million [€621 million]," he said.
Peter Weir of the DUP said the report highlights the need for restructuring of the Northern Ireland economy. However, savings should not be made at the expense of frontline services, according to the North Down representative.
The motion was passed.
In the debate on North-South co-operation, Dr Seán Farren (SDLP) called for more cross-Border links, especially in health, agriculture and education. He said research and development and infrastructure projects had much to gain.
George Dawson (DUP) said he challenged the "dewy-eyed approach to cross-Border co-operation in this parliament. There has been little economic return for the people of Northern Ireland. I would be interested when there is clear benefit for the North," he said.
The motion, which called for North-South co-operation to be based upon practical economic considerations, rather than politics, was defeated.
DUP leader the Rev Ian Paisley demanded an inquiry into the running of Muckamore Abbey Hospital, in Co Antrim, where more than 100 adults and young people with learning disabilities have been forced to remain in care in the hospital - some for several years - because appropriate care within the community is not available. "The crux of the problem is that huge difficulties remain in discharging patients, especially those patients who need complex support and care," Dr Paisley said.
Dawn Purvis, the new leader of the Progressive Unionist Party, was co-opted into the Assembly yesterday. She used her maiden speech to call for the DUP and Sinn Féin to agree on powersharing. She also paid tribute to former party leader David Ervine, a "man who took great risks for peace".