Water scarcity is increasing internationally and now is also affecting the natural water resources of New Zealand. This paper explores two solutions at a local level—water-storage and water-sharing regimes—that address the problems of water scarcity and competition for water, towards more sustainable development. Both systems show positive effects on the local economy and for the local community, providing additional jobs to the region and increasing the value added. Environmental benefits mostly relate to a lessening of the impacts of water abstraction by keeping flow volumes above minimum requirements. Locally operated water-storage and water-sharing schemes thus can provide excellent governance strategies for water management, ensuring that local interest and issues are addressed adequately.