Corps of Engineers Modernization and Improvement Act of 2002

Corps of Engineers Modernization and Improvement Act of 2002 - Directs the Secretary of the Army to report to specified congressional committees on deferred and inactive water resources construction projects, including regarding project purposes, costs, a cost-benefit analysis, and status.

Amends the Water Resources Development Act of 1986 to provide for the deauthorization of such projects.

Provides for the decommissioning of underused waterways in the Inland Waterways System, using economic and national interest criteria.

Requires the Water Resources Council to prioritize water resource projects within their particular type (flood damage, navigation, environmental restoration) using national benefits and cost-benefit ratio (1.5 or greater) criteria. Deauthorizes certain projects, including certain unfunded environmental infrastructure projects and those concerning municipal, industrial, or agricultural water supply, and school construction.

Requires a cost-benefit ratio of 1.5 or higher for water resources projects subject to a cost-benefit analysis. Provides for the deauthorization of certain projects not meeting such criterion.

Directs the Secretary to revise the principles and guidelines of the Corps of Engineers concerning cost-benefit analysis, regional impacts, environmental restoration costs, and the incorporation of new analytical techniques, including those for risk.

Establishes criteria for the review of a water resource project's reports and statements by an independent expert panel, including criteria regarding cost and the likelihood of significant adverse environmental impact.

Revises inland waterway project cost-sharing requirements, including those for construction, operation and maintenance, flood damage reduction, beach replacement, and the Inland Waterways Trust Fund.

Requires public access to water resources project information.