Corps of Engineers Reform Act of 2002

Corps of Engineers Reform Act of 2002 - Amends the Water Resources Development Act of 1986 with respect to inland waterway projects undertaken by the Army Corps of Engineers to: (1) revise the percentage of project costs to be paid out of general Treasury funds and the Inland Waterways Trust Fund; (2) make the Federal share of most project operation and maintenance costs 100 percent; and (3) specify sources of the Federal share of costs for projects based on the operation and maintenance costs per ton mile.

Requires the Secretary of the Army to ensure that each draft feasibility and general reevaluation report and environmental impact statement concerning a navigation project in excess of $30 million for which a review panel of independent experts has been requested is subject to such independent review. Requires the Secretary to appoint a Director of Independent Review who shall appoint independent review panels as appropriate. Prohibits project review costs from exceeding $250,000.

Sets forth requirements for project fish and wildlife mitigation concurrently with project construction and as part of project plans and proposals. Prohibits the Secretary from recommending or selecting a project alternative unless its mitigation plan has a high probability of mitigating adverse impacts on aquatic and other resources, hydrologic functions, and fish and wildlife. Requires the Secretary to establish a mitigation tracking system for each project constructed, operated, or maintained by the Secretary and for each permit issued under the Federal Water Pollution Control Act.

Expresses the intent of Congress that economic development and environmental protection and restoration to be coequal goals of water resources planning and development.