A valve assembly for regulating water level in a swimming pool includes a first butterfly valve in a pool drain line of the pool and a second butterfly valve in a fresh water line. The drain line and the fresh water line supply water to a pit remote from the pool. A return water line directs water from the pit to the pool. A float in the pit is operatively connected to both butterfly valves via first and second pivotal arms which are rotated by a sliding frame when the buoyant float rises and falls, so as to close and open the butterfly valves, and thereby maintain a desired water depth or level in the pit, and thereby a more consistent water level in the pool.