Rivers in California’s Central Valley have experienced substantial alteration of their natural flow regimes due to dams, water conveyance systems, and land-use change, resulting in degraded aquatic ecosystems and declining native fish populations. Environmental flows provide a framework for identifying the flow conditions necessary to sustain ecological processes; however, incorporating these requirements into existing water management systems remains challenging, particularly under competing human demands and climate change. As part of the publicly funded COllaboratory for EQuity in Water Allocations (COEQWAL), this study evaluates how alternative water management strategies and future climate conditions affect the ability to meet environmental flow objectives, using the Functional Flows framework as an ecological benchmark. Functional Flows characterize key seasonal components of the natural flow regime that support ecosystem function. We assess monthly environmental water budgets across basins and water-year types to quantify performance under multiple operational scenarios. Results indicate that, under select management approaches, Functional Flow targets can be met in specific basins and hydrologic conditions, though performance varies spatially and seasonally. We further examine the implications of projected warming on flow regime outcomes. Overall, this work highlights trade-offs and opportunities for integrating environmental flow objectives into Central Valley water operations and supports more ecologically grounded and equitable water management decisions.