Hi Chris, on mine it is, but there is a second one under the base-cover aswell. That one I have never needed to adjust. The one on the outside is basically a tensioner and that has done the trick for me. Mind you I have a used Ariens from 1972. But it runs great!
David
ps a friend told me today he was having a similar issue and his was icing of the flywheel. Good Luck
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