To bolster freshwater supplies, water managers are increasingly interested in recharging groundwater using storm water and recycled water. However, such multisupply groundwater recharge projects are hindered by the lack of planning tools to evaluate system design costs and trade‐offs. This study presents modeling advancements that provide enhanced insights into multisupply spreading basin systems (i.e., spreading basins that accommodate both advanced treated recycled water and dynamically available storm water), a form of managed aquifer recharge. The model identifies system designs that optimize infrastructure life cycle cost and water volumes infiltrated for groundwater recharge. To illustrate the model's application under realistic conditions, we present a case study of Los Angeles, California. In this case study, we find that competition between storm water and recycled water for spreading basin use is relatively minor. Moreover, compared to systems based on existing conservative assumptions, our methods identify optimal dynamic system designs that are 5%–20% more cost‐effective, primarily resulting from higher water recycling facility utilization. Overall, this approach, which considers the dynamic nature of storm water availability and variable recycled water production, can inform water planners of the cost, water volume, and energy trade‐offs associated with different multisupply spreading basin system designs, including varying levels of centralization.