State Children's Health Insurance Program Budget Allocation Act of 2002

State Children's Health Insurance Program Budget Allocation Act of 2002 - Amends title XXI (State Children's Health Insurance Program) (SCHIP) of the Social Security Act (SSA) to permit a qualifying State to elect to use unexpended allotments under SCHIP for payments for FY 2002 and 2003 under SSA title XIX (Medicaid), and for expenditures under SCHIP.

Revises requirements with respect to the redistribution and extended availability of funds unexpended from FY 1998 and 1999 allotments, and of funds unexpended from FY 2000 allotments, as well as those concerning the extended availability of certain other funds. Provides authority for qualifying States to use up to ten percent of FY 1998 and 1999 unexpended allotments for outreach activities under SCHIP.