Have you seen the forecast for the next few days?  It is calling for significant rain in the area that catches water that then flows into Lake Travis.  The lake is currently full and even without much of any rain over the last 3 weeks, enough water has continued to run into Lake Travis to keep it full.  So what does this mean if the catch basin sees 3 or more inches of rain?  It could mean some flooding.  Unless we get more rain or 3+ inches over a very large area I doubt that Lake Travis will see significant flooding, but it is likely to rise.  The LCRA is pretty proactive about managing the level of the lake and it would not surprise me to see them release more water than is normal depending on how much rain falls and where it falls.