So say that. No part of the phrase "defund the police" indicates any part of this re-allocation that you describe. Regardless, you still will need a police force. There has to be some entity of the government which enforces the rule of law. Look at what happened when the police abandoned their posts in during the Rodney King riots. Additionally, what about homicide and detective units; we should probably keep those positions, right?
The problem with this slogan is I have no idea what it is actually proposing except for the literally dismantling of the police force as we know it.