The question is a bit ambiguous: when you want to compute the elevation of something, you have to define a zero-elevation point, so that you can compute the elevation of anything with respect to that zero-elevation point. Given the coordinate [tex] y_0 [/tex] of the zero-elevation point, the altitude of every other point with coordinate [tex] y_1 [/tex] is given by [tex] y_1 - y_0 [/tex]
So, assuming that the zero-elevation point is the bottom of the lake, and thus [tex] y_0 = -548 [/tex], your altitude at [tex] y_1 = 660 [/tex] is
[tex] y_1 - y_0 = 660 - (-548) = 660+548 = 1208 [/tex]