Virginia voters next week will consider a referendum to increase the maximum size of the rainy-day fund, a measure that could bolster the state’s triple-A rating.

The referendum, one of three on the ballot statewide, asks if the maximum size of the revenue stabilization fund should be increased to 15% of the state’s average annual income and sales tax revenues for the previous three years, from 10%.

In a report Monday, Standard & Poor’s noted that, if approved, the higher limit for the rainy-day fund “could support the state’s credit profile by providing more time to balance the state’s budget should revenues fall short.”

Virginia tapped its rainy-day fund for $293 million in fiscal 2010 to help close a $1.3 billion mid-year budget gap.

Separately, Arlington and Fairfax counties, also both triple-A, are asking voters to approve bond referendums for $161 million and $120 million, respectively. In Arlington, the bulk of the bonds will fund design and construction of Wakefield High School. 

Earlier this year, the County Council decided to move forward with the bond-funded project in 2010 in an attempt to save money on low contract bids from construction companies.

The Fairfax referendum asks voters to approve the county’s required contribution to the Washington Metropolitan Area Transit Authority.

If the borrowing is not approved, the county will need to cut spending from other programs to pay WMATA.

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