The commissioners for Public Hospital District No. 1 Tuesday approved a budget and a date for their meetings, now that a strategic alliance with UW  Medicine is now in effect.

The strategic alliance became effective July 1. The first three trustees of a 13-member board that will oversee Valley Medical Center and its clinics have been appointed, joining the five hospital district commissioners.

The new Board of Trustees will hold its first meeting July 18 in the board room at Valley Medical. Its regular monthly meeting is the third Monday of the month.

The remaining five appointed trustees will come from the medical center’s service area, a broader area in southeast King County than the actual hospital district.

The appointments are made by Dr. Paul Ramsey, CEO of UW Medicine and dean of the University of Washington School of Medicine.

It’s expected that it will take three to five years to fully develop the new alliance between the two medical institutions. Part of that includes separating the business operations specific to the hospital district from the operations of the medical center.

A step toward that separation was taken Tuesday when the five public hospital district commissioners approved a new operating budget for 2012 and set up a regular meeting schedule. They’ll meet the first Monday of the month, starting at 5:30 p.m.

Commissioners approved a roughly $352,000 budget for July 1, 2011-June 30, 2012. Nearly half of that money – about $170,000 – will pay for the audit of the district.

The rest will go toward salaries, including $1,000 a month for the district superintendent, currently Rich Roodman, and $1,000 a month for the district’s treasurer. Among other costs included are the pay and benefits for district commissioners and the pay for a parliamentarian for the meetings.

The hospital district board will oversee the district’s assets and how to spend its tax dollars. The hospital district receives about $20 million a year in property-tax revenue but it shares about $1.7 million of that with local fire districts.

The hospital district’s share of the property tax is dedicated to paying off tax-exempt bonds used for building and upgrading facilities on the hospital campus.

It’s likely the hospital district board will have to meet four times between now and mid-January to consider mostly financial matters, including the refinancing of bonds and setting a hospital district levy.

The budget for operations of Valley Medical Center and its clinics is much larger – about $437 million this year. The new trustees are responsible for approving that budget now.