The setting should be spectacular as should the music, flowers etc. Think about having your wedding reception in the afternoon this too can sometimes save you dollars. Also people tend to drink less in the afternoon than in the evening. Also may sure that you only pay for wine, beer and non-alcoholic drinks, you can even limit this amount. Make people pay for their own top shelf drinks.
Some people tend to become a bit greedy with alcohol if some one else is paying.
Check with reception hall about serving a lunch instead of dinner. This is always a debatable subject. Yes, you should have it but the days of the bride and groom hosting it for the entire reception rarely happens anymore. Hire a coordinator. They have the skills and contacts to stay within your budget.