The water level at Lake Mead dropped to a new record low this week, but it hasn't hit rock bottom—yet.

As of Tuesday, Lake Mead was at about 39 percent of its capacity. The drought has taken a toll on water resources, resulting in precautionary actions such as a decreased flow allowance into Hoover Dam to protect current distribution policies.

The projected lake level is at about 1,082 feet above sea level, and officials say they can meet water obligations at least through next year without a key shortage declaration. But if the water level drops below the 1,075-foot trigger point, Arizona and Nevada will face water delivery cuts, according to the Washington Times.

The lake is currently storing 10.2 million acre-feet of water. Lake Powell, the reservoir managed in conjuction with Lake Mead and located farther up the Colorado River, is holding 12.7 million acre-feet of water—or 52 percent of its capacity.