From NOAA NWS National Hurricane Center

Gulf of Mexico:
Satellite imagery and surface observations indicate that a broad area of low pressure is forming over the Bay of Campeche. Environmental conditions appear conducive for additional gradual development, and a tropical depression or tropical storm is likely to form by midweek while it moves slowly westward or west-northwestward toward the western Gulf coast.

Regardless of development, several days of heavy rainfall are expected across portions of southern Mexico and Central America, and these rains are likely to cause life-threatening flooding and flash flooding. Locally heavy rainfall is also expected to spread over portions of the northwestern coast of the Gulf of Mexico by the
middle of the week. In addition, gale warnings have been issued for portions of the Gulf of Mexico, and more information on those warnings is available in High Seas Forecasts issued by the National Weather Service. Interests along the western and northwestern Gulf coasts should monitor the progress of this system. An Air Force
Reserve Hurricane Hunter aircraft is scheduled to investigate the system later today.
It has a high (70 percent) chance of formation in the next 48 hours and in the next 7 days.

To better mitigate any damages please prepare properties that are susceptible to flooding for a rain/wind event. Secure loose items that may become damaging projectiles and check for proper sandbagging of access areas that frequently flood.

Stay tuned to your local weather forecasting for current updates that may affect your area.