A floating dispenser is provided for dispensing a solid, dissolvable water treatment chemical into ambient water. The dispenser includes a bucket having top and bottom ends, a top wall covering the top end, an opening for admitting ambient water into the bucket interior, and a floatation ring that keeps only the top end above water such that the interior is water filled when the dispenser floats. A basket is disposed in the interior of the bucket for carrying a solid, dissolvable water treatment chemical, such as calcium hypochlorite. The basket is buoyant and movable vertically toward the top wall of the bucket. The dispenser includes a refill indicator that indicates when most of a full load of said chemical has dissolved. The refill indicator includes a pair of tabs that are connected to the basket and slidably mounted in slots in the top wall. The tabs extend above the top wall when the buoyant basket floats upwardly, providing a visual indication of the need for a refill that can easily be seen from a side angle.