The Lawn Ornaments and Fountains website recommends using an outdoor, latex paint for painting concrete fountains.
Before painting a cement water fountain it is important to remove residue from the surface of the fountain, according to the Refinish Furniture website. Allow the surface to dry completely before painting. Paint will not adhere properly to a dirty fountain.
At least three coats of latex paint are necessary to completely seal the concrete fountain. According to the Lawn Ornaments and Fountains website, a thick application of latex paint helps protect the fountain against weathering.