Updated: Since the file you describe is auto-generated, your best bet is to unversion the file and let each working copy have an independent copy. You don't have to worry about the project building without it, since VB will re-create the file when needed (right?). If you're using a continuous integration or other build server, then just keep a copy of the file on your build server, or even a copy in SVN (named differently so it doesn't conflict) that is appropriate for your build server, and modify your build process to rename the file as is first step.
For example, assuming your file is named "foo", you can keep a file "foo.example" in SVN. Then when you check out the project for the first time on any given machine, the first thing you have to do is rename "foo.example" to "foo", and then open your IDE. The IDE will modify it, but your modifications will stay local. So they won't be affected by updates, and if you put "foo.example" in your svn:ignore
list, you won't have to worry about accidentally checking it in. The only drawback is that it makes your initial checkout slightly more involved, but that seems like a small price to pay.
One good rule of thumb is that if you have any files whose contents can be completely generated from other files in the repository, then they probably don't belong in the repository. Instead, either leave them out completely, or replace them with a script that generates them as needed.