A proposal to downgrade restrictions only from Stage 2 to Stage 1 was defeated by a majority decision.
All of the board members except one, Mark Marcoplos, agreed that dropping the restrictions entirely would be in the area's best interest at this time.
Just over a month ago, the University Lake and Cane Creek Reservoir were severely below full capacity in the midst of what many have called the worst drought in 75 years. But a surge in October rainfall was enough to return the reservoirs to more comfortable levels.
Latest estimates placed University Lake at full capacity, while Cane Creek was 6 feet below full.
"The key thing to remember is the reservoir system is at 75 percent full capacity," said OWASA Executive Director Ed Kerwin.
Marcoplos was concerned that lifting all restrictions would result in a resurgence in water scarcity by next year and that residents would think they do not need to continue water conservation efforts.
Board Chairwoman Bernadette Pelissier said leaving restrictions in place would be unnecessary because the reservoir system is almost full, although OWASA officials are concerned about recurring water shortages.
"(OWASA) would lose credibility if it was maintaining restrictions meant for a water shortage," she said.
Board member John Smith also said a downgrade to Stage 1 restrictions would be unnecessary. Under Stage 1 restrictions, lawns could be watered three days a week.