Another Oil Leak-In Front Of Engine

[rmcphearson]

'97 SC300. I've fixed all the usual suspects already: valve cover gasket, distributor o-ring, rear main seal. Now I've got a leak at the front of the engine somewhere. I pulled the timing belt cover and the tensioner. There is oil puddled in the depression in the water pump cover directly under the tensioner. There is also oil on the top of the water pump where it looks like it is sealed to the engine with rtv. So I'm thinking the rtv was not applied correctly when the water pump was replaced 2 years ago. I'm assuming that the oil is not coming from the tensioner, right? Am I on the right track?

Thanks,

Roland