150 GUESTS/ MAY 07 WEDDING - WHAT SHOULD BE MY BUDGET?

I am recently engaged and I guess this is a backwards question .....but I really have no clue what my money can buy and how much money I need to get together and I need to be able to answer halls/caterers/venues and the parents when asked what our budget is. I mean my answer to my parents have been... my budget is what how much you can give me and they've been like how much do you want to spend. So I've got to do something soon and I need help!

The truth is I cant go crazy. I think we are definitely on the mid to low end. In my mind I think we can spend $40,000 in total on the wedding. But how much of that should be my reception? Is that too small a budget for LI halls/caterers?

I guess I really want a sit down wedding for 150 people, outdoor capability for ceremony, cocktail hour or even tented dinner reception. We have Caribbean/West Indian backgrounds in our family, so choices of food of that ethnic origin would be good too. And something more unique than your run-of-the-mill hall wedding.

Is any of this doable. Can anyone tell me what halls/caterers/venues might be w/in my reach?

Thanks