TortoiseCVS icon overlays broken

Question

My Tortoise CVS controlled software's version is up-to-date with the server. However, the top level folder icon always has a red X

All the files and folders inside this one have green checks

I have tried resolving conflicts (There are no conflicts to resolve) and refreshing folder status (nothing seems to happen)

Any ideas of why the icon shows the red X? I'm wondering if there's really something wrong (and how to determine that) or if it's just a cosmetic bug.