Federal Capital Budget Act of 1987

Federal Capital Budget Act of 1987 - Requires the budget submitted by the President to be a unified budget composed of a separate capital budget (representing only the major activities, projects, and programs which support the acquisition, construction, and rehabilitation of capital assets) and a separate operating budget (representing all other activities, projects, and programs). Sets forth informational requirements with respect to the unified budget.

Requires the Comptroller General to review implementation of this Act and to report to the Congress on the appropriateness of the $500,000 threshold for classifying items under the capital budget section of the unified budget.

Amends the Public Works and Economic Development Act of 1965 to require the Secretary of Transportation, the Administrator of the Environmental Protection Agency, the Assistant Secretary of the Army for Civil Works, and the Administrator of the General Services Administration to report to the House Committee on Public Works and Transportation and the Senate Committee on Environment and Public Works at the account and function levels, the actual, estimated, and proposed appropriations, receipts, and expenditures for capital and operating activities associated with: (1) roadways, airports, and transportation systems; (2) waste water treatment facilities; (3) water resource projects; and (4) public buildings.