Neurons receive a continual stream of excitatory and inhibitory synaptic inputs. A conductance-based neuron model is used to investigate how the balanced component of this input modulates the amplitude of neuronal responses. The output spiking rate is well described by a formula involving three parameters: the mean mu and variance sigma of the membrane potential and the effective membrane time constant tauQ. This expression shows that, for sufficiently small tauQ, the level of balanced excitatory-inhibitory input has a nonlinear modulatory effect on the neuronal gain.