California Drought: I Am Honestly Confused about My Water Bill

The drought has become extremely severe, so I've heard from the local news and from social media.

According to a Jet Propulsion Laboratory guy, we have only one year of reserve supply left and will be digging hard at underground water.

I understand the drought at a superficial level.

We've heard about the drought for years.  When there isn't an accident or amber alert, the flashing electronic signs on California highways mention the fact that we are in a "serious drought" and that we must "help save water."

I get that we have a finite amount of resources.

I get that we need lots of rain for several years to get back to "normal."

However, I don't think I completely understand the entire picture of our water supply.

The number one thing I am confused about (and hope not to alert my water company is):  my water bill is still around $30-$40 for a single-family home with three people.

That's awesome for my income and allows me to keep on going as I am.

I get that I am not a heavy commercial water user (like say, a golf course owner) and so my prices might not that be high anyway.

But if we really are in a very dire situation why are the water prices I pay not skyrocketing as well?  Or is that just lurking around the corner?  I know that water restrictions are along the way.  

I do want to keep paying what I am paying, but I also am curious as to how this is happening.  Supply is apparently low, demand is probably high, but prices remain low?  What am I missing here?

I mean, I hope the low prices continue, but can anyone actually explain?