; and (II) demonstrates the legal and financial capability to satisfy the requirements of local cooperation for the study or project. (B) Description of benefits (i) Description The Secretary shall describe in the annual report, to the extent applicable and practicable, for each authorized study and authorized water resources development project included in the annual report, the benefits, as described in clause (ii), of each authorized study or project. (ii) Benefits The benefits referred to in clause (i) are benefits to— (I) the protection of human life and property; (II) improvement to transportation; (III) the national, regional, or local economy; (IV) the environment; or (V) the national security interests of the United States. (2) Transparency The Secretary shall include in the annual report, for each authorized study and authorized water resources development project included under paragraph (1)(A)— (A) the name of the associated non-Federal interest, including the name of any non-Federal interest that has contributed, or is expected to contribute, a non-Federal share of the cost of the authorized study or authorized water resources development project; (B) the purpose of the authorized study or authorized water resources development project; (C) an estimate, to the extent practicable, of the Federal, non-Federal, and total costs of the authorized study or authorized water resources development project, including, to the extent practicable, the fully funded capability of the Corps of Engineers for— (i) the 3 fiscal years following the fiscal year in which the report is submitted, in the case of an authorized study; and (ii) the 5 fiscal years following the fiscal year in which the report is submitted, in the case of an authorized water resources development project