depending of the final paint application the solids contents may change and hence the water content.
However during the formulation of a paint, in order to prepare the base mill (where the pigment, filler, defoamer etc... are mixed) you usually need to add water otherwise it could trigger the coagulation of the binder.
You may can find some more detailed info here:
"Paint and Coating Testing Manual, (Gradner-Sward Handbook, 14th Edition)"