sure sounds like it . I dont know of anything else that would do that . Check the belts tension again and if you can put a temporary sheild in front of the pump/belts , i would then try another puddle to make sure i was correct.Better yet , with the engine running, i would fill an old sqirt gun or clean squirt bottle with water and squirt the belts while a buddy trys to steer it, in park of course. This is also a good way to find out if some of those nusance noises that alot of engine seem to aquire are due to the belts (misalignment, slipping etc.).
Hope this helps