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Protesters outside the gates of Stormont in January. File picture by Jonathan Porter, Press Eye
WE are seing firsthand the cost of political instability.
From the start of 2017, Northern Ireland had no devolved government for two extended periods, meaning budgets and public services took a hit, with no politicians in place to take accountability and key decisions for years.
Since business resumed at Stormont in February, the agenda has been dominated by severely underfunded public services. From healthcare, to education and housing, no sector seems to have escaped unscathed.
Costs for big-ticket projects like Casement Park and the York Street interchange have spiralled, while policy ambitions like tackling soaring childcare costs demand extra funding.
Yet amidst these glaring budgetary shortcomings, there's been little sign of a coherent strategy from Stormont.
Historically Northern Ireland has been underfunded, and requires a new needs-based assessment which takes into account our difficult history and challenges.
And yes, it is important that Westminster provides adequate resources to support Northern Ireland's economic development.
But the reality is that in order for current needs to be met, more money from London and more locally raised revenue will be required. It isn’t one or the other, but a combination of the two.
Comprehensive reform which addresses the complexities of Northern Ireland’s public finances will only be achieved through a collaborative approach between Stormont and Westminster.
There will need to be some give and take, and the recently restored Executive will have to show some willingness to play its part.
The recent decision to dismiss the mutualisation of NI Water is the latest in a series of decisions rejecting any significant revenue raising by Stormont.
Water charges were flatly turned down - despite the north being an outlier in not imposing separate charges. Tuition fee increases were also rejected, as was a rates increase of 15%.
It puts into question how the Executive plans to meet the conditions attached to the £3.3 billion funding package condition which required Stormont to raise an extra £113 million.
Flávia Gouveia says Stormont needs to get a grip on its finances
The rejection of extra charges has been presented as an effort to protect working families from more financial stress - an admirable goal.
But delaying these tough decisions now will only set us up for bigger problems down the line.
The NI Fiscal Council has already issued a warning that the current financial package on offer will leave Stormont facing a financial “cliff edge” by 2026.
In its current form, the package is designed so that financial support is cut dramatically after two years.
The longer these decisions are delayed, the harder and costlier the solutions are likely to become, and it will be the people Stormont wants to protect that will bear the brunt of these failures.
The reality is that most people in Northern Ireland would be happy to pay a little bit extra, if in turn they were guaranteed good quality public services.
What they won’t support is higher bills for the same level of services.
And a progressive approach could work to protect those on lower-income earners, while still increasing revenue.
Yes, Northern Ireland needs more funding, but it's naive to expect Westminster to do all the work.
The current budgetary crisis underscores the importance of political stability. Collapsed institutions have contributed to spiralling budgets and prevented progress being made on funding reform.
The Executive must show they’re capable of managing the north's finances responsibly, that includes maximising its own revenue streams and spending wisely.
Flávia Gouveia is a freelance journalist whose work has appeared in the Belfast Telegraph, BBC News NI, The Detail and ViewDigital @flaviasgouveia