A valve apparatus is provided for regulating the water level in a swimming pool. The apparatus is mounted in a surge pit remote from the pool. The apparatus includes first and second valves movable between open and closed positions for controlling the introduction of water into the surge pit from the main drain line and from a fresh water supply line, respectively. The first and second valves are operatively interconnected and are moved between their open and closed positions by a float member in the surge pit. As the water level in the pool drops below an ideal level wherein a thin layer of water skims over the lip of the gutter system, less water is provided to the surge pit from the gutter drain line, such that the water level in the pit drops, and causing the float member to drop so as to open the first and second valves to allow more water into the surge pit from the main drain line of the pool and from the fresh water supply line. Conversely, as the water level in the pool rises above an ideal level, excess water from the gutter drain line is supplied to the pit, thereby raising the water level therein, and raising the float member so as to close the first and second valves, thereby decreasing the flow of water from the main drain line and from the fresh water supply line.