From the current departments: Yes. It's been getting a lot of talk lately, but Camden is a good example of the police department being defunded and rebuilt back up.
At the very least, it means reducing the overall funding for police departments within city budget and shifting those funds to other programs that police have intentionally or unintentionally absorbed over the decades. More for mental health services, social safety nets for housing issues, drug addiction and rehabilitation services, social workers for domestic issues, more funding for parole officers to give them more tools to help people reintegrate into society (though that last one comes with a lot of related issues to policing writ-large as well)
Basically, tear down the existing institution and remake it to fit the current needs of the communities they are supposed to serve. Because even if you ignore the long history of police misbehavior, their current behavior, especially over the past week, is plenty appalling enough to warrant it.