Defunding the police means different things to different people. Some on the more extreme end want to get rid of the police altogether. Others want to get rid of the police and build up something in its place completely from scratch. On the more reasonable end, they want to divert funds from the police to invest into urban communities. Some of that is being done now. Unfortunately, with the elections looming in November, politicians have decided to politicize this movement, so I now doubt we will see any bipartisanship, cooperation, or anything getting done.
In my experience, most of the budget in any department goes to payroll and personnel. I'm not in favor of cutting officers pay or benefits because the job they try to do is impossible, it's no wonder some of them go off the rails. Lowering their wages would only result in drawing a lower grade of officer, which will only exacerbate any problems. Nearly 1,000 officers have been injured in these riots, some killed outright, at this point I would say they need more equipment, not less.
BLM is a Marxist political organization that plans to use violent revolutionary tactics to effect the change that they want. What exactly they want seems to change as time goes on. First they wanted the police defunded, lately they seem determined to remove all signs of democracy so that they can replace it with their Marxist dream. Everyone supported the protesters at first, but when they start burning, looting, killing, assaulting, and destroying, my ears glaze over.