  Models of gravity with variable G and Lambda have acquired greater relevance
after the recent evidence in favour of the Einstein theory being
non-perturbatively renormalizable in the Weinberg sense. The present paper
builds a modified Arnowitt-Deser-Misner (ADM) action functional for such models
which leads to a power-law growth of the scale factor for pure gravity and for
a massless phi**4 theory in a Universe with Robertson-Walker symmetry, in
agreement with the recently developed fixed-point cosmology. Interestingly, the
renormalization-group flow at the fixed point is found to be compatible with a
Lagrangian description of the running quantities G and Lambda.
