A lot depends on your emphasis, as well as issues you are likely to be confronted with. Years ago, we did a lot with atomic absorption/flame emission spectrometer, but other tests a quality colorimeter, fecal and total coliform equipment, turbidimeter, analytical balance, various types of sediment samplers, sediment sieves, fluorometer for fluorescent dye studies, Isco automated water samplers, and recently, I have used a water quality sonde for a coastal salinity study with added capabilities, some amazing water quality recording tools. You may also want to interface water quality with water quantity, so there are transducers, pieziometers, etc. You may not want to expand with new tools, but with a good budget, take opportunity to think both in and out of the box.
I agree with William F. Hansen . It depends what is your principal emphasis. But, considering that another laboratory has a GC/MS and if you can use this equipment, , at the moment, maybe an automated solid phase extraction might be more important for you.