Gravity in the 3+1-Split Formalism I: Holography as an Initial Value Problem

We present a detailed analysis of the 3+1-split formalism of gravity in the presence of a cosmological constant. The formalism helps revealing the intimate connection between holography and the initial value formulation of gravity. We show that the various methods of holographic subtraction of divergences correspond just to different transformations of the canonical variables, such that the initial value problem is properly set up at the boundary. The renormalized boundary energy momentum tensor is a component of the Weyl tensor.