diff --git a/app/controllers/admin/budgets_controller.rb b/app/controllers/admin/budgets_controller.rb
index e5e73a346..0b373c0bd 100644
--- a/app/controllers/admin/budgets_controller.rb
+++ b/app/controllers/admin/budgets_controller.rb
@@ -15,7 +15,17 @@ class Admin::BudgetsController < Admin::BaseController
   end
 
   def new
-    @budget = Budget.new
+  end
+
+  def edit
+  end
+
+  def update
+    if @budget.update(budget_params)
+      redirect_to admin_budget_path(@budget), notice: t('admin.budgets.update.notice')
+    else
+      render :edit
+    end
   end
 
   def create
@@ -30,7 +40,9 @@ class Admin::BudgetsController < Admin::BaseController
   private
 
     def budget_params
-      params.require(:budget).permit(:name, :description, :phase, :currency_symbol)
+      descriptions = Budget::PHASES.map{|p| "description_#{p}"}.map(&:to_sym)
+      valid_attributes = [:name, :phase, :currency_symbol] + descriptions
+      params.require(:budget).permit(*valid_attributes)
     end
 
 end
diff --git a/app/controllers/budgets/investments_controller.rb b/app/controllers/budgets/investments_controller.rb
index 490b4047d..0084e71db 100644
--- a/app/controllers/budgets/investments_controller.rb
+++ b/app/controllers/budgets/investments_controller.rb
@@ -80,7 +80,7 @@ module Budgets
       end
 
       def investment_params
-        params.require(:budget_investment).permit(:title, :description, :external_url, :heading_id, :terms_of_service)
+        params.require(:budget_investment).permit(:title, :description, :external_url, :heading_id, :terms_of_service, :location)
       end
 
       def load_ballot
diff --git a/app/helpers/budgets_helper.rb b/app/helpers/budgets_helper.rb
index aa6684b2d..0e3594b0a 100644
--- a/app/helpers/budgets_helper.rb
+++ b/app/helpers/budgets_helper.rb
@@ -1,7 +1,7 @@
 module BudgetsHelper
 
   def budget_phases_select_options
-    Budget::VALID_PHASES.map { |ph| [ t("budget.phase.#{ph}"), ph ] }
+    Budget::PHASES.map { |ph| [ t("budget.phase.#{ph}"), ph ] }
   end
 
   def budget_currency_symbol_select_options
diff --git a/app/models/abilities/administrator.rb b/app/models/abilities/administrator.rb
index 8d7694b32..582d6a9e0 100644
--- a/app/models/abilities/administrator.rb
+++ b/app/models/abilities/administrator.rb
@@ -46,7 +46,7 @@ module Abilities
       can [:read, :create, :update, :destroy], Budget::Group
       can [:read, :create, :update, :destroy], Budget::Heading
       can [:hide, :update, :toggle_selection], Budget::Investment
-      can :valuate, Budget::Investment, budget: { valuating: true }
+      can :valuate, Budget::Investment, budget: { phase: 'valuating' }
       can :create, Budget::ValuatorAssignment
 
       can [:search, :edit, :update, :create, :index, :destroy], Banner
diff --git a/app/models/abilities/valuator.rb b/app/models/abilities/valuator.rb
index d3979a640..1462e2630 100644
--- a/app/models/abilities/valuator.rb
+++ b/app/models/abilities/valuator.rb
@@ -5,7 +5,7 @@ module Abilities
     def initialize(user)
       valuator = user.valuator
       can [:read, :update, :valuate], SpendingProposal
-      can [:read, :update, :valuate], Budget::Investment, id: valuator.investment_ids, budget: { valuating: true }
+      can [:read, :update, :valuate], Budget::Investment, id: valuator.investment_ids, budget: { phase: 'valuating' }
     end
   end
 end
diff --git a/app/models/budget.rb b/app/models/budget.rb
index 4d6f1341f..e2acf1de8 100644
--- a/app/models/budget.rb
+++ b/app/models/budget.rb
@@ -1,12 +1,12 @@
 class Budget < ActiveRecord::Base
 
-  include Sanitizable
+  include Measurable
 
-  VALID_PHASES = %W{on_hold accepting selecting balloting finished}
-  CURRENCY_SYMBOLS = %W{€ $ £ ¥}
+  PHASES = %w(accepting reviewing selecting valuating balloting reviewing_ballots finished).freeze
+  CURRENCY_SYMBOLS = %w(€ $ £ ¥).freeze
 
   validates :name, presence: true
-  validates :phase, inclusion: { in: VALID_PHASES }
+  validates :phase, inclusion: { in: PHASES }
   validates :currency_symbol, presence: true
 
   has_many :investments, dependent: :destroy
@@ -14,35 +14,59 @@ class Budget < ActiveRecord::Base
   has_many :groups, dependent: :destroy
   has_many :headings, through: :groups
 
-  scope :on_hold,   -> { where(phase: "on_hold") }
+  before_validation :sanitize_descriptions
+
+  scope :on_hold,   -> { where(phase: %w(reviewing valuating reviewing_ballots")) }
   scope :accepting, -> { where(phase: "accepting") }
+  scope :reviewing, -> { where(phase: "reviewing") }
   scope :selecting, -> { where(phase: "selecting") }
+  scope :valuating, -> { where(phase: "valuating") }
   scope :balloting, -> { where(phase: "balloting") }
+  scope :reviewing_ballots, -> { where(phase: "reviewing_ballots") }
   scope :finished,  -> { where(phase: "finished") }
 
   scope :current,   -> { where.not(phase: "finished") }
-  scope :valuating, -> { where(valuating: true) }
 
-  def on_hold?
-    phase == "on_hold"
+  def description
+    self.send("description_#{self.phase}").try(:html_safe)
+  end
+
+  def self.description_max_length
+    2000
   end
 
   def accepting?
     phase == "accepting"
   end
 
+  def reviewing?
+    phase == "reviewing"
+  end
+
   def selecting?
     phase == "selecting"
   end
 
+  def valuating?
+    phase == "valuating"
+  end
+
   def balloting?
     phase == "balloting"
   end
 
+  def reviewing_ballots?
+    phase == "reviewing_ballots"
+  end
+
   def finished?
     phase == "finished"
   end
 
+  def on_hold?
+    reviewing? || valuating? || reviewing_ballots?
+  end
+
   def current?
     !finished?
   end
@@ -69,5 +93,15 @@ class Budget < ActiveRecord::Base
   def formatted_heading_amount_spent(heading)
     formatted_amount(amount_spent(heading))
   end
+
+  private
+
+    def sanitize_descriptions
+      s = WYSIWYGSanitizer.new
+      PHASES.each do |phase|
+        sanitized = s.sanitize(self.send("description_#{phase}"))
+        self.send("description_#{phase}=", sanitized)
+      end
+    end
 end
 
diff --git a/app/views/admin/budgets/_form.html.erb b/app/views/admin/budgets/_form.html.erb
new file mode 100644
index 000000000..22a774b76
--- /dev/null
+++ b/app/views/admin/budgets/_form.html.erb
@@ -0,0 +1,18 @@
+<%= form_for [:admin, @budget] do |f| %>
+
+  <%= f.text_field :name, maxlength: Budget.title_max_length %>
+
+  <% Budget::PHASES.each do |phase| %>
+    <%= f.cktext_area "description_#{phase}", maxlength: Budget.description_max_length, ckeditor: { language: I18n.locale } %>
+  <% end %>
+
+  <div class="row">
+    <div class="small-12 medium-9 column">
+      <%= f.select :phase, budget_phases_select_options %>
+    </div>
+    <div class="small-12 medium-3 column">
+      <%= f.select :currency_symbol, budget_currency_symbol_select_options %>
+    </div>
+  </div>
+  <%= f.submit nil, class: "button success" %>
+<% end %>
diff --git a/app/views/admin/budgets/edit.html.erb b/app/views/admin/budgets/edit.html.erb
new file mode 100644
index 000000000..6fd1e3e1f
--- /dev/null
+++ b/app/views/admin/budgets/edit.html.erb
@@ -0,0 +1,7 @@
+<div class="row">
+  <div class="small-12 medium-9 column">
+    <h2><%= t("admin.budgets.edit.title") %></h2>
+
+    <%= render '/admin/budgets/form' %>
+  </div>
+</div>
diff --git a/app/views/admin/budgets/new.html.erb b/app/views/admin/budgets/new.html.erb
index 9ca0f34a5..3fa0fac89 100644
--- a/app/views/admin/budgets/new.html.erb
+++ b/app/views/admin/budgets/new.html.erb
@@ -2,28 +2,6 @@
   <div class="small-12 medium-9 column">
     <h2><%= t("admin.budgets.new.title") %></h2>
 
-    <%= form_for [:admin, @budget] do |f| %>
-
-      <%= f.label :name, t("admin.budgets.new.name") %>
-      <%= f.text_field :name,
-                        label: false,
-                        maxlength: 30,
-                        placeholder: t("admin.budgets.new.name") %>
-
-      <%= f.label :description, t("admin.budgets.new.description") %>
-      <%= f.text_area :description, rows: 3, maxlength: 6000, label: false, placeholder: t("admin.budgets.new.description") %>
-
-      <div class="row">
-        <div class="small-12 medium-9 column">
-          <%= f.label :description, t("admin.budgets.new.phase") %>
-          <%= f.select :phase, budget_phases_select_options, {label: false} %>
-        </div>
-        <div class="small-12 medium-3 column">
-          <%= f.label :description, t("admin.budgets.new.currency") %>
-          <%= f.select :currency_symbol, budget_currency_symbol_select_options, {label: false} %>
-        </div>
-      </div>
-      <%= f.submit t("admin.budgets.new.create"), class: "button success" %>
-    <% end %>
+    <%= render '/admin/budgets/form' %>
   </div>
-</div>
\ No newline at end of file
+</div>
diff --git a/app/views/admin/budgets/show.html.erb b/app/views/admin/budgets/show.html.erb
index 847aa2f60..4468f7599 100644
--- a/app/views/admin/budgets/show.html.erb
+++ b/app/views/admin/budgets/show.html.erb
@@ -1,8 +1,8 @@
 <div class="row">
   <div class="small-12 medium-9 column">
-    <h2><%= @budget.name %></h2>
+    <h2><%= @budget.name %> <small><%= link_to(t('shared.edit'), edit_admin_budget_path(@budget)) %></small></h2>
 
-    <%= simple_format(text_with_links(@budget.description), {}, sanitize: false) %>
+    <%= @budget.description %>
 
     <p>
       <strong><%= t('admin.budgets.show.phase') %>:</strong> <%= t("budget.phase.#{@budget.phase}") %> |
@@ -13,4 +13,4 @@
 
 <div id="<%= dom_id @budget %>_groups" class="row">
   <%= render "groups", groups: @budget.groups %>
-</div>
\ No newline at end of file
+</div>
diff --git a/app/views/budgets/investments/_form.html.erb b/app/views/budgets/investments/_form.html.erb
index 93461a873..8e7643285 100644
--- a/app/views/budgets/investments/_form.html.erb
+++ b/app/views/budgets/investments/_form.html.erb
@@ -24,6 +24,11 @@
       <%= f.text_field :external_url, placeholder: t("budget.investments.form.external_url"), label: false %>
     </div>
 
+    <div class="small-12 column">
+      <%= f.label :location, t("budget.investments.form.location") %>
+      <%= f.text_field :location, placeholder: t("budget.investments.form.location"), label: false %>
+    </div>
+
     <% unless current_user.manager? %>
 
       <div class="small-12 column">
diff --git a/app/views/budgets/investments/_investment_show.html.erb b/app/views/budgets/investments/_investment_show.html.erb
index b3cc81ba6..28659533d 100644
--- a/app/views/budgets/investments/_investment_show.html.erb
+++ b/app/views/budgets/investments/_investment_show.html.erb
@@ -26,10 +26,15 @@
 
       <br>
       <p id="investment_code">
-        <%= t("budget.investments.show.code") %>
-        <strong><%= investment.id %></strong>
+        <%= t("budget.investments.show.code_html", code: investment.id) %>
       </p>
 
+      <% if investment.location.present? %>
+        <p id="investment_code">
+          <%= t("budget.investments.show.location_html", location: investment.location) %>
+        </p>
+      <% end %>
+
       <%= safe_html_with_links investment.description.html_safe %>
 
       <% if investment.external_url.present? %>
diff --git a/app/views/budgets/investments/_sidebar.html.erb b/app/views/budgets/investments/_sidebar.html.erb
index f57ab8ef6..173132257 100644
--- a/app/views/budgets/investments/_sidebar.html.erb
+++ b/app/views/budgets/investments/_sidebar.html.erb
@@ -1,12 +1,18 @@
-<%= link_to @budget, class: "back" do %>
-  <i class="icon-angle-left"></i>
-  <%= t("spending_proposals.index.sidebar.back") %>
-<% end %>
-
 <div class="clear"></div>
 
+<% if @budget.accepting? %>
+  <% if current_user && current_user.level_two_or_three_verified? %>
+    <%= link_to t("budget.investments.index.sidebar.create"), new_budget_investment_path, class: "button budget expanded" %>
+  <% else %>
+    <div class="callout warning">
+      <%= t("budget.investments.index.sidebar.verified_only",
+          verify: link_to(t("budget.investments.index.sidebar.verify_account"), verification_path)).html_safe %>
+    </div>
+  <% end %>
+<% end %>
+
 <div class="sidebar-divider"></div>
-<h3 class="sidebar-title"><%= t("spending_proposals.index.sidebar.my_ballot") %></h3>
+<h2 class="sidebar-title"><%= t("budget.investments.index.sidebar.my_ballot") %></h2>
 
 <% if @heading && @ballot.investments.by_heading(@heading.id).count > 0 %>
   <p>
diff --git a/app/views/budgets/show.html.erb b/app/views/budgets/show.html.erb
index 66207ac7c..ce4e46c71 100644
--- a/app/views/budgets/show.html.erb
+++ b/app/views/budgets/show.html.erb
@@ -9,7 +9,8 @@
       <h1><%= @budget.name %>
           <small><%= t("budgets.phases.#{@budget.phase}") %></small>
       </h1>
-      <p><%= @budget.description %></p>
+
+      <%= @budget.description %>
 
     </div>
   </div>
diff --git a/app/views/shared/_order_links.html.erb b/app/views/shared/_order_links.html.erb
index 5769b56eb..22081bcdc 100644
--- a/app/views/shared/_order_links.html.erb
+++ b/app/views/shared/_order_links.html.erb
@@ -1,4 +1,4 @@
-<div class="no-bullet submenu">
+<ul class="no-bullet submenu">
   <% @valid_orders.each do |order| %>
     <li class="inline-block">
       <%= link_to current_path_with_query_params(order: order, page: 1), class: order == @current_order ? 'active' : '' do %>
diff --git a/config/initializers/devise.rb b/config/initializers/devise.rb
index 32f387ba9..b947a5468 100644
--- a/config/initializers/devise.rb
+++ b/config/initializers/devise.rb
@@ -12,7 +12,7 @@ Devise.setup do |config|
   # Configure the e-mail address which will be shown in Devise::Mailer,
   # note that it will be overwritten if you use your own mailer class
   # with default "from" parameter.
-  if Rails.env.test?
+  if Rails.env.test? || !ActiveRecord::Base.connection.table_exists?('settings')
     config.mailer_sender = "noreply@example.org"
   else
     config.mailer_sender = "#{Setting['mailer_from_name']} <#{Setting['mailer_from_address']}>"
diff --git a/config/locales/activerecord.en.yml b/config/locales/activerecord.en.yml
index 8ba93bb99..a9c4ba1bc 100644
--- a/config/locales/activerecord.en.yml
+++ b/config/locales/activerecord.en.yml
@@ -41,6 +41,17 @@ en:
         one: "Spending proposal"
         other: "Spending proposals"
     attributes:
+      budget:
+        name: "Name"
+        description_accepting: "Description during Accepting phase"
+        description_reviewing: "Description during Reviewing phase"
+        description_selecting: "Description during Selecting phase"
+        description_valuating: "Description during Valuating phase"
+        description_balloting: "Description during Balloting phase"
+        description_reviewing_ballots: "Description during Reviewing Ballots phase"
+        description_finished: "Description when the budget is finished"
+        phase: "Phase"
+        currency_symbol: "Currency"
       budget/investment:
         administrator_id: "Administrator"
         description: "Description"
diff --git a/config/locales/activerecord.es.yml b/config/locales/activerecord.es.yml
index 46888ad5a..b781de267 100644
--- a/config/locales/activerecord.es.yml
+++ b/config/locales/activerecord.es.yml
@@ -41,6 +41,17 @@ es:
         one: "Propuesta de inversión"
         other: "Propuestas de inversión"
     attributes:
+      budget:
+        name: "Nombre"
+        description_accepting: "Descripción durante la fase de aceptación"
+        description_reviewing: "Descripción durante la fase de revisión"
+        description_selecting: "Descripción durante la fase de selección"
+        description_valuating: "Descripción durante la fase de evaluación"
+        description_balloting: "Descripción duratne la fase de votación"
+        description_reviewing_ballots: "Descripción durante la fase de revisión de votos"
+        description_finished: "Descripción cuando el presupuesto ha finalizado"
+        phase: "Fase"
+        currency_symbol: "Divisa"
       budget/investment:
         administrator_id: "Administrador"
         description: "Descripción"
@@ -111,4 +122,4 @@ es:
           attributes:
             document_number:
               not_in_census: 'No verificado por Padrón'
-              already_voted: 'Ya ha votado esta propuesta'
\ No newline at end of file
+              already_voted: 'Ya ha votado esta propuesta'
diff --git a/config/locales/admin.en.yml b/config/locales/admin.en.yml
index 2684b8c27..f77846e86 100755
--- a/config/locales/admin.en.yml
+++ b/config/locales/admin.en.yml
@@ -61,30 +61,29 @@ en:
     budgets:
       index:
         title: Participatory budgets
-        new_link: Create new
+        new_link: Create new budget
         info_link: Info
         filters:
           open: Open
           finished: Finished
       create:
         notice: New participatory budget created successfully!
+      update:
+        notice: Participatory budget updated successfully
+      edit:
+        title: Edit Participatory budget
       new:
         title: New participatory budget
-        create: Create budget
-        name: Budget's name
-        description: Description
-        phase: Phase
-        currency: Currency
       show:
         phase: Current phase
         currency: Currency
         groups: Groups of budget headings
       form:
-        group: Group's name
+        group: Group name
         no_groups: No groups created yet. Each user will be able to vote in only one heading per group.
         add_group: Add new group
         create_group: Create group
-        heading: Heading's name
+        heading: Heading name
         add_heading: Add heading
         amount: Amount
         save_heading: Save heading
diff --git a/config/locales/admin.es.yml b/config/locales/admin.es.yml
index bc37013cc..90e658dd4 100644
--- a/config/locales/admin.es.yml
+++ b/config/locales/admin.es.yml
@@ -61,20 +61,19 @@ es:
     budgets:
       index:
         title: Presupuestos participativos
-        new_link: Crear nuevo
+        new_link: Crear nuevo presupuesto
         info_link: Info
         filters:
           open: Abiertos
           finished: Terminados
       create:
         notice: ¡Nueva campaña de presupuestos participativos creada con éxito!
+      update:
+        notice: Campaña de presupuestos participativos actualizada
+      edit:
+        title: Editar campaña de presupuestos participativos
       new:
         title: Nuevo presupuesto ciudadano
-        create: Crear presupuesto
-        name: Nombre del presupuesto
-        description: Descripción
-        phase: Fase
-        currency: Divisa
       show:
         phase: Fase actual
         currency: Divisa
diff --git a/config/locales/budgets.en.yml b/config/locales/budgets.en.yml
index f88cb6dea..974f412eb 100644
--- a/config/locales/budgets.en.yml
+++ b/config/locales/budgets.en.yml
@@ -24,10 +24,12 @@ en:
         title: Select a heading
   budget:
     phase:
-      on_hold: On hold
       accepting: Accepting proposals
+      reviewing: Reviewing proposals
       selecting: Selecting
+      valuating: Valuating
       balloting: Balloting
+      reviewing_ballots: Reviewing Ballots
       finished: Finished
     groups:
       index:
@@ -36,7 +38,7 @@ en:
       none: Whole City
       all: All scopes
     index:
-      name: Budget's name
+      name: Budget name
       phase: Phase
       title: Participatory budgets
     investments:
@@ -46,6 +48,7 @@ en:
         description: Description
         external_url: Link to additional documentation
         heading: Choose if a proposed citywide or district
+        location: "Location"
         submit_buttons:
           create: Create
           new: Create
@@ -79,6 +82,9 @@ en:
           votes: Supports remaining
           votes_district: "You can only vote in the district %{district}"
           zero: You have not voted any investment project.
+          verified_only: "To create a new budget investment %{verify}."
+          verify_account: "verify your account"
+          create: "Create budget investment"
         orders:
           random: random
           confidence_score: highest rated
@@ -96,7 +102,9 @@ en:
         author_deleted: User deleted
         price_explanation: Price explanation
         unfeasibility_explanation: Unfeasibility explanation
-        code: 'Investment project code:'
+        code_html: 'Investment project code: <strong>%{code}</strong>'
+        location_html: 'Location: <strong>%{location}</strong>'
+        location: Location
         share: Share
       wrong_price_format: Only integer numbers
       investment:
diff --git a/config/locales/budgets.es.yml b/config/locales/budgets.es.yml
index bc23711a9..1a9f9554b 100644
--- a/config/locales/budgets.es.yml
+++ b/config/locales/budgets.es.yml
@@ -24,10 +24,12 @@ es:
         title: Selecciona una partida
   budget:
     phase:
-      on_hold: En pausa
       accepting: Aceptando propuestas
+      reviewing: Revisando propuestas
       selecting: Fase de selección
-      balloting: Fase de Votación
+      valuating: Fase de evaluación de propuestas
+      balloting: Fase de votación
+      reviewing_ballots: Contando resultados
       finished: Terminado
     groups:
       index:
@@ -46,6 +48,7 @@ es:
         description: Descripción detallada
         external_url: Enlace a documentación adicional
         heading: "Elige si es una propuesta para toda la ciudad o para un distrito"
+        location: "Ubicación de la propuesta"
         submit_buttons:
           create: Crear
           new: Crear
@@ -79,6 +82,9 @@ es:
           votes: Apoyos restantes
           votes_district: "Solo puedes votar en el distrito %{district}"
           zero: "Todavía no has votado ninguna propuesta de inversión."
+          verified_only: "Para crear una nueva propuesta de inversión %{verify}."
+          verify_account: "verifica tu cuenta"
+          create: "Crear propuesta de inversión"
         orders:
           random: Aleatorias
           confidence_score: Mejor valoradas
@@ -96,7 +102,8 @@ es:
         author_deleted: Usuario eliminado
         price_explanation: Informe de coste
         unfeasibility_explanation: Informe de inviabilidad
-        code: 'Código propuesta de gasto:'
+        code_html: 'Código propuesta de gasto: <strong>%{code}</strong>'
+        location_html: 'Ubicación: <strong>%{location}</strong>'
         share: Compartir
       wrong_price_format: Solo puede incluir caracteres numéricos
       investment:
diff --git a/config/locales/en.yml b/config/locales/en.yml
index 298a3c513..83988ab85 100755
--- a/config/locales/en.yml
+++ b/config/locales/en.yml
@@ -441,6 +441,7 @@ en:
     collective: Collective
     flag: Flag as inappropriate
     hide: Hide
+    edit: Editar
     print:
       print_button: Print this info
     search: Search
@@ -499,11 +500,9 @@ en:
         one: " containing the term '%{search_term}'"
         other: " containing the term '%{search_term}'"
       sidebar:
-        back: Volver
         geozones: Scope of operation
         feasibility: Feasibility
         unfeasible: Unfeasible
-        my_ballot: My votes
       start_spending_proposal: Create an investment project
     new:
       more_info: How do participatory budgeting works?
diff --git a/config/locales/es.yml b/config/locales/es.yml
index bf1e656c0..8fd9b2c37 100755
--- a/config/locales/es.yml
+++ b/config/locales/es.yml
@@ -445,6 +445,7 @@ es:
       print_button: Imprimir esta información
     search: Buscar
     show: Mostrar
+    edit: Editar
     suggest:
       debate:
         found:
@@ -499,11 +500,9 @@ es:
         one: " que contiene '%{search_term}'"
         other: " que contienen '%{search_term}'"
       sidebar:
-        back: Volver
         geozones: Ámbitos de actuación
         feasibility: Viabilidad
         unfeasible: No viables
-        my_ballot: Mis votos
       start_spending_proposal: Crea una propuesta de inversión
     new:
       more_info: "¿Cómo funcionan los presupuestos participativos?"
diff --git a/db/dev_seeds.rb b/db/dev_seeds.rb
index 678ead096..b7cdd611a 100644
--- a/db/dev_seeds.rb
+++ b/db/dev_seeds.rb
@@ -327,19 +327,23 @@ end
 
 puts "Creating Budgets"
 
-phases = %w{on_hold accepting selecting balloting finished}
-phases.each_with_index do |phase, i|
-  budget = Budget.create!(name: (Date.today.year - 10 + i).to_s,
-                          description: "<p>#{Faker::Lorem.paragraphs.join('</p><p>')}</p>",
-                          currency_symbol: "€",
-                          phase: phase,
-                          valuating: [false, true].sample)
+Budget::PHASES.each_with_index do |phase, i|
+  descriptions = Hash[Budget::PHASES.map{ |p| ["description_#{p}",
+                                               "<p>#{Faker::Lorem.paragraphs(2).join('</p><p>')}</p>"] }]
+  budget = Budget.create!(
+    descriptions.merge(
+      name: (Date.current - 10 + i).to_s,
+      currency_symbol: "€",
+      phase: phase
+    )
+  )
+
   puts budget.name
 
-  (1..[1,2,3].sample).each do |i|
+  (1..([1, 2, 3].sample)).each do
     group = budget.groups.create!(name: Faker::StarWars.planet)
 
-    geozones = Geozone.reorder("RANDOM()").limit([2,5,6,7].sample)
+    geozones = Geozone.reorder("RANDOM()").limit([2, 5, 6, 7].sample)
     geozones.each do |geozone|
       group.headings << group.headings.create!(name: geozone.name,
                                                geozone: geozone,
diff --git a/db/migrate/20161229153505_add_location_to_budget_investments.rb b/db/migrate/20161229153505_add_location_to_budget_investments.rb
new file mode 100644
index 000000000..a58ee4fdd
--- /dev/null
+++ b/db/migrate/20161229153505_add_location_to_budget_investments.rb
@@ -0,0 +1,5 @@
+class AddLocationToBudgetInvestments < ActiveRecord::Migration
+  def change
+    add_column :budget_investments, :location, :string
+  end
+end
diff --git a/db/migrate/20161230172816_remove_valuating_from_budgets.rb b/db/migrate/20161230172816_remove_valuating_from_budgets.rb
new file mode 100644
index 000000000..4b6e97e7f
--- /dev/null
+++ b/db/migrate/20161230172816_remove_valuating_from_budgets.rb
@@ -0,0 +1,5 @@
+class RemoveValuatingFromBudgets < ActiveRecord::Migration
+  def change
+    remove_column :budgets, :valuating, :bool
+  end
+end
diff --git a/db/migrate/20161230174744_change_budget_description.rb b/db/migrate/20161230174744_change_budget_description.rb
new file mode 100644
index 000000000..80de9dcf4
--- /dev/null
+++ b/db/migrate/20161230174744_change_budget_description.rb
@@ -0,0 +1,12 @@
+class ChangeBudgetDescription < ActiveRecord::Migration
+  def change
+    remove_column :budgets, :description, :text
+    add_column :budgets, :description_accepting, :text
+    add_column :budgets, :description_reviewing, :text
+    add_column :budgets, :description_selecting, :text
+    add_column :budgets, :description_valuating, :text
+    add_column :budgets, :description_balloting, :text
+    add_column :budgets, :description_reviewing_ballots, :text
+    add_column :budgets, :description_finished, :text
+  end
+end
diff --git a/db/migrate/20170102080432_adjust_budget_fields.rb b/db/migrate/20170102080432_adjust_budget_fields.rb
new file mode 100644
index 000000000..7517d6429
--- /dev/null
+++ b/db/migrate/20170102080432_adjust_budget_fields.rb
@@ -0,0 +1,5 @@
+class AdjustBudgetFields < ActiveRecord::Migration
+  def change
+    change_column :budgets, :phase, :string, limit: 40, default: 'accepting'
+  end
+end
diff --git a/db/schema.rb b/db/schema.rb
index bff0fef16..34f8ee93d 100644
--- a/db/schema.rb
+++ b/db/schema.rb
@@ -11,7 +11,7 @@
 #
 # It's strongly recommended that you check this file into your version control system.
 
-ActiveRecord::Schema.define(version: 20161221172447) do
+ActiveRecord::Schema.define(version: 20170102080432) do
 
   # These are extensions that must be enabled in order to support this database
   enable_extension "plpgsql"
@@ -142,6 +142,7 @@ ActiveRecord::Schema.define(version: 20161221172447) do
     t.integer  "budget_id"
     t.integer  "group_id"
     t.boolean  "selected",                              default: false
+    t.string   "location"
   end
 
   add_index "budget_investments", ["administrator_id"], name: "index_budget_investments_on_administrator_id", using: :btree
@@ -159,13 +160,18 @@ ActiveRecord::Schema.define(version: 20161221172447) do
   add_index "budget_valuator_assignments", ["investment_id"], name: "index_budget_valuator_assignments_on_investment_id", using: :btree
 
   create_table "budgets", force: :cascade do |t|
-    t.string   "name",            limit: 30
-    t.text     "description"
-    t.string   "currency_symbol", limit: 10
-    t.string   "phase",           limit: 15, default: "on_hold"
-    t.boolean  "valuating",                  default: false
-    t.datetime "created_at",                                     null: false
-    t.datetime "updated_at",                                     null: false
+    t.string   "name",                          limit: 30
+    t.string   "currency_symbol",               limit: 10
+    t.string   "phase",                         limit: 40, default: "accepting"
+    t.datetime "created_at",                                                     null: false
+    t.datetime "updated_at",                                                     null: false
+    t.text     "description_accepting"
+    t.text     "description_reviewing"
+    t.text     "description_selecting"
+    t.text     "description_valuating"
+    t.text     "description_balloting"
+    t.text     "description_reviewing_ballots"
+    t.text     "description_finished"
   end
 
   create_table "campaigns", force: :cascade do |t|
@@ -572,7 +578,7 @@ ActiveRecord::Schema.define(version: 20161221172447) do
     t.boolean  "email_digest",                              default: true
     t.boolean  "email_on_direct_message",                   default: true
     t.boolean  "official_position_badge",                   default: false
-    t.datetime "password_changed_at",                       default: '2016-12-21 17:55:08', null: false
+    t.datetime "password_changed_at",                       default: '2016-11-02 13:51:14', null: false
     t.boolean  "created_from_signature",                    default: false
   end
 
diff --git a/spec/factories.rb b/spec/factories.rb
index f52481d78..e058adf15 100644
--- a/spec/factories.rb
+++ b/spec/factories.rb
@@ -195,20 +195,39 @@ FactoryGirl.define do
   factory :budget do
     sequence(:name) { |n| "Budget #{n}" }
     currency_symbol "€"
-    phase 'on_hold'
+    phase 'accepting'
+    description_accepting "This budget is accepting"
+    description_reviewing "This budget is reviewing"
+    description_selecting "This budget is selecting"
+    description_valuating "This budget is valuating"
+    description_balloting "This budget is balloting"
+    description_reviewing_ballots "This budget is reviewing ballots"
+    description_finished "This budget is finished"
 
     trait :accepting do
       phase 'accepting'
     end
 
+    trait :reviewing do
+      phase 'reviewing'
+    end
+
     trait :selecting do
       phase 'selecting'
     end
 
+    trait :valuating do
+      phase 'valuating'
+    end
+
     trait :balloting do
       phase 'balloting'
     end
 
+    trait :reviewing_ballots do
+      phase 'reviewing_ballots'
+    end
+
     trait :finished do
       phase 'finished'
     end
diff --git a/spec/features/admin/budgets_spec.rb b/spec/features/admin/budgets_spec.rb
index 170a86cec..fccbd7785 100644
--- a/spec/features/admin/budgets_spec.rb
+++ b/spec/features/admin/budgets_spec.rb
@@ -80,13 +80,13 @@ feature 'Admin budgets' do
 
     scenario 'Create budget' do
       visit admin_budgets_path
-      click_link 'Create new'
+      click_link 'Create new budget'
 
       fill_in 'budget_name', with: 'M30 - Summer campaign'
-      fill_in 'budget_description', with: 'Budgeting for summer 2017 maintenance and improvements of the road M-30'
+      fill_in 'budget_description_accepting', with: 'Budgeting for summer 2017 maintenance and improvements of the road M-30'
       select 'Accepting proposals', from: 'budget[phase]'
 
-      click_button 'Create budget'
+      click_button 'Create Participatory budget'
 
       expect(page).to have_content 'New participatory budget created successfully!'
       expect(page).to have_content 'M30 - Summer campaign'
@@ -94,10 +94,10 @@ feature 'Admin budgets' do
 
     scenario 'Name is mandatory' do
       visit new_admin_budget_path
-      click_button 'Create budget'
+      click_button 'Create Participatory budget'
 
       expect(page).to_not have_content 'New participatory budget created successfully!'
-      expect(page).to have_css("label.error", text: "Budget's name")
+      expect(page).to have_css("label.error", text: "Name")
     end
 
   end
diff --git a/spec/features/budgets/ballots_spec.rb b/spec/features/budgets/ballots_spec.rb
index e1d8ab4a8..362706ffb 100644
--- a/spec/features/budgets/ballots_spec.rb
+++ b/spec/features/budgets/ballots_spec.rb
@@ -582,7 +582,7 @@ feature 'Ballots' do
     end
 
     scenario "Balloting is disabled when budget isn't in the balotting phase", :js do
-      budget.update(phase: 'on_hold')
+      budget.update(phase: 'accepting')
 
       bi1 = create(:budget_investment, :selected, heading: california, price: 600)
 
diff --git a/spec/features/budgets/votes_spec.rb b/spec/features/budgets/votes_spec.rb
index 3c92bf658..c31545428 100644
--- a/spec/features/budgets/votes_spec.rb
+++ b/spec/features/budgets/votes_spec.rb
@@ -88,7 +88,7 @@ feature 'Votes' do
 
     scenario 'Disable voting on spending proposals', :js do
       login_as(@manuela)
-      budget.update(phase: "on_hold")
+      budget.update(phase: "reviewing")
       investment = create(:budget_investment, budget: budget, heading: heading)
 
       visit budget_investments_path(budget, heading_id: heading.id)
diff --git a/spec/features/valuation/budget_investments_spec.rb b/spec/features/valuation/budget_investments_spec.rb
index 56a20f2c6..627d6a391 100644
--- a/spec/features/valuation/budget_investments_spec.rb
+++ b/spec/features/valuation/budget_investments_spec.rb
@@ -5,7 +5,7 @@ feature 'Valuation budget investments' do
   background do
     @valuator = create(:valuator, user: create(:user, username: 'Rachel', email: 'rachel@valuators.org'))
     login_as(@valuator.user)
-    @budget = create(:budget, valuating: true)
+    @budget = create(:budget, :valuating)
   end
 
   scenario 'Disabled with a feature flag' do
@@ -392,4 +392,4 @@ feature 'Valuation budget investments' do
       expect(page).to have_content('Only integer numbers', count: 2)
     end
   end
-end
\ No newline at end of file
+end
diff --git a/spec/models/abilities/administrator_spec.rb b/spec/models/abilities/administrator_spec.rb
index 8170d3434..8f48153a8 100644
--- a/spec/models/abilities/administrator_spec.rb
+++ b/spec/models/abilities/administrator_spec.rb
@@ -65,7 +65,7 @@ describe "Abilities::Administrator" do
   it { should be_able_to(:update, Budget::Investment) }
   it { should be_able_to(:hide,   Budget::Investment) }
 
-  it { should be_able_to(:valuate, create(:budget_investment, budget: create(:budget, valuating: true))) }
-  it { should_not be_able_to(:valuate, create(:budget_investment, budget: create(:budget, valuating: false))) }
+  it { should be_able_to(:valuate, create(:budget_investment, budget: create(:budget, phase: 'valuating'))) }
+  it { should_not be_able_to(:valuate, create(:budget_investment, budget: create(:budget, phase: 'finished'))) }
 
 end
diff --git a/spec/models/abilities/valuator_spec.rb b/spec/models/abilities/valuator_spec.rb
index 9fa285f19..fee24f6a8 100644
--- a/spec/models/abilities/valuator_spec.rb
+++ b/spec/models/abilities/valuator_spec.rb
@@ -7,10 +7,10 @@ describe "Abilities::Valuator" do
   let(:valuator) { create(:valuator) }
   let(:non_assigned_investment) { create(:budget_investment) }
 
-  let(:assigned_investment) { create(:budget_investment, budget: create(:budget, valuating: true)) }
+  let(:assigned_investment) { create(:budget_investment, budget: create(:budget, phase: 'valuating')) }
   before(:each) { assigned_investment.valuators << valuator }
 
-  let(:assigned_investment_not_valuating) { create(:budget_investment, budget: create(:budget, valuating: false)) }
+  let(:assigned_investment_not_valuating) { create(:budget_investment, budget: create(:budget, phase: 'finished')) }
   before(:each) { assigned_investment_not_valuating.valuators << valuator }
 
   it { should be_able_to(:read, SpendingProposal) }
diff --git a/spec/models/budget/investment_spec.rb b/spec/models/budget/investment_spec.rb
index 13f17e0c4..512198601 100644
--- a/spec/models/budget/investment_spec.rb
+++ b/spec/models/budget/investment_spec.rb
@@ -318,8 +318,8 @@ describe Budget::Investment do
           expect(investment.reason_for_not_being_ballotable_by(user, ballot)).to eq(:organization)
         end
 
-        it "rejects votes when voting is not allowed (via admin setting)" do
-          budget.phase = "on_hold"
+        it "rejects votes when voting is not allowed (wrong phase)" do
+          budget.phase = "reviewing"
           expect(investment.reason_for_not_being_ballotable_by(user, ballot)).to eq(:no_ballots_allowed)
         end
 
diff --git a/spec/models/budget_spec.rb b/spec/models/budget_spec.rb
index b238717ef..17f4de4ff 100644
--- a/spec/models/budget_spec.rb
+++ b/spec/models/budget_spec.rb
@@ -1,11 +1,24 @@
 require 'rails_helper'
 
 describe Budget do
+
+  describe "description" do
+    it "changes depending on the phase" do
+      budget = create(:budget)
+
+      Budget::PHASES.each do |phase|
+        budget.phase = phase
+        expect(budget.description).to eq(budget.send("description_#{phase}"))
+        expect(budget.description).to be_html_safe
+      end
+    end
+  end
+
   describe "phase" do
     let(:budget) { create(:budget) }
 
     it "is validated" do
-      Budget::VALID_PHASES.each do |phase|
+      Budget::PHASES.each do |phase|
         budget.phase = phase
         expect(budget).to be_valid
       end
@@ -15,18 +28,24 @@ describe Budget do
     end
 
     it "produces auxiliary methods" do
-      budget.phase = "on_hold"
-      expect(budget).to be_on_hold
-
       budget.phase = "accepting"
       expect(budget).to be_accepting
 
+      budget.phase = "reviewing"
+      expect(budget).to be_reviewing
+
       budget.phase = "selecting"
       expect(budget).to be_selecting
 
+      budget.phase = "valuating"
+      expect(budget).to be_valuating
+
       budget.phase = "balloting"
       expect(budget).to be_balloting
 
+      budget.phase = "reviewing_ballots"
+      expect(budget).to be_reviewing_ballots
+
       budget.phase = "finished"
       expect(budget).to be_finished
     end