Any Sweet 16 Party Ideas?

I turn sixteen in November. I'm still unsure if I want a party or not, I usually don't celebrate my birthday, but my friends are trying to persuade me. If I do have a party, I already have the location. It's not big, but not small either. I know I'd try to hire a DJ, or something. The theme I've been thinking is a Masquerade Ball type thing. I want it to be formal-ish. I'm not sure what colors I should use though? And ideas on what color combinations for balloons, table settings, etc. could be for this theme?