Mexican Peso Keeps Devaluing
POSTED: Tuesday, February 3, 2009 - 7:33pm
UPDATED: Thursday, February 25, 2010 - 12:32pm
The value of the Mexican peso decreases even more. It is now nearing the 15 to the dollar mark, turning many Mexican shoppers away from the streets and stores of downtown Brownsville.
But not only are Mexican shoppers feeling the economic crunch, the city of Brownsville is feeling it as well. Every time a store shuts down, the city of Brownsville loses out and they have. According to the Chief Finance Director for the city, Pete Gonzalez, Brownsville has seen a decline of 1.5% in sales tax revenue.
“Since our sales tax is our largest revenue sales for the general fund any decline in our sales tax has an impact on our general fund.”
a handful of stores have closed up shop since the economic meltdown and store owners tell us they are hanging on by a thread to remain open, but they don't know just how much longer they'll be able to hold on.
But not only has the city of Brownsville seen a decrease in sales tax revenue, it has also seen a drastic drop in revenue at the Veteran's International Bridge. Compared to last year, they have seen a 36% decline.