Sec. 2. Chesapeake Bay Crosscut Budget

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The Director, in consultation with the Chesapeake Executive Council, the chief executive of each Chesapeake Bay State, and the Chesapeake Bay Commission, shall submit to Congress a financial report containing— an interagency crosscut budget that displays— the proposed funding for any Federal restoration activity to be carried out in the succeeding fiscal year, including any planned interagency or intra-agency transfer, for each of the Federal agencies that carry out restoration activities; to the extent that information is available, the estimated funding for any State restoration activity to be carried out in the succeeding fiscal year; all expenditures for Federal restoration activities from the preceding 2 fiscal years, the current fiscal year, and the succeeding fiscal year; and all expenditures, to the extent that information is available, for State restoration activities during the equivalent time period described in subparagraph

(C); a detailed accounting of all funds received and obligated by all Federal agencies for restoration activities during the current and preceding fiscal years, including the identification of funds which were transferred to a Chesapeake Bay State for restoration activities; to the extent that information is available, a detailed accounting from each State of all funds received and obligated from a Federal agency for restoration activities during the current and preceding fiscal years; and a description of each of the proposed Federal and State restoration activities to be carried out in the succeeding fiscal year (corresponding to those activities listed in subparagraphs

(A)and

(B)of paragraph (1)), including the— project description; current status of the project; Federal or State statutory or regulatory authority, programs, or responsible agencies; authorization level for appropriations; project timeline, including benchmarks; references to project documents; descriptions of risks and uncertainties of project implementation; adaptive management actions or framework; coordinating entities; funding history; cost-sharing; and alignment with existing Chesapeake Bay Agreement and Chesapeake Executive Council goals and priorities. The Director shall only describe restoration activities in the report required under subsection

(a)that— for Federal restoration activities, have funding amounts greater than or equal to $100,000; and for State restoration activities, have funding amounts greater than or equal to $50,000. The Director shall submit to Congress the report required by subsection

(a)not later than 30 days after the submission by the President of the President’s annual budget to Congress. Copies of the financial report required by subsection

(a)shall be submitted to the Committees on Appropriations, Natural Resources, Energy and Commerce, and Transportation and Infrastructure of the House of Representatives and the Committees on Appropriations, Environment and Public Works, and Commerce, Science, and Transportation of the Senate. This section shall apply beginning with the first fiscal year after the date of enactment of this Act for which the President submits a budget to Congress.