I have a couple different balaclavas. One is a light fleece material that is a pretty loose knit fabric, the other is a little thicker and the exterior is smoother instead of the fleece feel/look. Neither have a windproof membrane. IMO a windproof balaclava would be way too hot.

The heavier one extends further down my neck, so it is more flexible with how I want to wear it. That is important when you have your helmet straps snapped around it. You want to have enough play above your straps to be able to pull it up to cover your nose or pull it down below your chin without messing with the helmet straps. At the same time, you want enough below the straps to overlap with your jacket.

I think both of them came from Sierra Trading Post and they were cheap - well within your budget.