OK.
Now that I have seen it fully tensioned , I am of two minds.
That belt looks quite tight and the spring looks like it has good tension on it so moving the spring is not going to shift the pulley position very far.
So it looks like I may have been wrong & Fish may have been right, your deck might need a longer belt
Most of the ones I service the hole you have the pen at is in the groove in the deck so the spring slips into it .
Only one has the anchor bolt like your deck & it has a shorter spring
This deck was in production for near 20 years so there were a few variations to the layout.
And because Cub was originally pat of International tractors, the decks are considered as a separate item to the mower so have their own individual parts lists.
So you might need the 66.9" 954-0645 belt that Fish suggested and then move the spring back.
Always a problem with old decks where lots or wrong parts will fit.
'For all we know the tension arm itself may be too long & from a different deck.
Usually the contact arc on a drive pulley would be 1/2 the circumference and in your shot it looks around 1/4 so would be highly prone to slip.
In the running position the tension pulley is just about in line with the drive pulley .
On the left side frame rail should be the ID tag for the mower & the deck should also have an ID tag with a number on it.
Unfortunately the tensioning lever usually rubs on it and wears through the number.
IF they are there then the numbers might help to sort things out better.