Smart cities require interactive management of water supply networks and water meters play an important role in such a task. As compared to fully mechanical water meters, electromechanical water meters or fully electronic water meters can collect real-time information through automatic meter reading (AMR), which makes them more suitable for smart cities applications. In this paper, we first study the design principles of existing water meters, and then present our design and implementation of a self-powered smart water meter. The proposed water meter is based on a water turbine generator, which serves for two purposes: (i) to sense the water flow through adaptive signal processing performed on the generated voltage; and (ii) to produce electricity to charge batteries for the smart meter to function properly. In particular, we present the design considerations and implementation details. The wireless transceiver is integrated in the proposed water meter so that it can provide real-time water flow information. In addition, a mobile phone application is designed to provide a user with a convenient tool for water usage monitoring.