I don't think we'll run out anytime soon, but the snow pack in the mountains is only 15% of average so far, and the actual rainfall is more like a fraction of a fraction of the average.
There could be some water wars, though. We in Northern California get most of the precipitation, but we have to share it with Southern California, which gets almost none. The influential grape growers in our northern counties might have the necessary leverage to reduce Southern California's share.
Whenever these droughts occur, I wonder why no one has put enough money into the state infrastructure to trap and conserve more of the excess water in other years, when flooding rivers and mud slides cause so much property damage and cost so many human lives.
