It is shown that runs of low-flow annual streamflow in a coastal semia
rid basin of Central California can be adequately modelled by renewal
theory. For example, runs of below-median annual streamflows are shown
to follow a geometric distribution. The elapsed time between runs of
below-median streamflow are geometrically distributed also. The sum of
these two independently distributed geometric time variables defines
the renewal time elapsing between the initiation of a low-flow run and
the next one. The probability distribution of the renewal time is the
n derived from first principles, ultimately leading to the distributio
n of the number of low-flow runs in a specified time period, the expec
ted number of low-flow runs, the risk of drought, and other important
probabilistic indicators of low-how. The authors argue that if one ide
ntifies drought threat with the occurrence of multiyear low-flow runs,
as it is done by water supply managers in the study area, then our re
newal model provides a number of interesting results concerning drough
t threat in areas historically subject to inclement, dry, climate. A 4
30-year long annual streamflow time series reconstructed by tree-ring
analysis serves as the basis for testing our renewal model of low-flow
sequences.