The answer depends on which water you look at. The lakes that hold the city's drinking water, the soil across the county, and the aquifer that feeds Barton Springs each tell their own story, and sometimes disagree.
One acre-foot ≈ 325,851 gallons.
94% abnormally dry (D0) · 64% moderate drought (D1) · 10% severe drought (D2). Each level includes the more severe ones inside it.
Source: US Drought Monitor, produced by NDMC, USDA and NOAA.
Barton Springs flow
32 cfs 10-day average
Lovelady well level
458.1 ft above sea level, 10-day average
Triggers from the district's published methodology (Smith, Hunt & Holland 2013, as amended by later declarations). Official stages are declared by the district board and can lag the measurements: current declared stage.
Austin has watering rules year-round, drought or not. The city's baseline Conservation Stage limits outdoor watering to set days and hours, and deeper stages tighten those limits. Check the current schedule before you water.