The council said a major part of the expected £70m savings are coming from job cuts.
Barnet One will see the council spend £1bn on a plethora of outsourcing services.
The back office outsourcing part of the deal, which Capita looks set to take on, is worth a whopping £320m over 10 year and includes HR and payroll as well as IT.
The council's cabinet is tonight expected to endorse the deal. Read more on Computer Weekly here.
There have been a few controversial outsourcing plans in local government, such as one at Cornwall council, which lead to the downfall of the council's leader.
I recently ran a poll on this website asking readers whether they think local government services should be outsourced. At the time of writing this 205 people have given their answer. 71.71% said local government services should be outsourced, 27.32 said they shouldn't and 0.98% said they don't know.
Here is the poll if you want to give your views.