As a concrete example of what Murph is talking about, CPD's budget earmarks $1.5B for personnel costs.
CPD has 14k employees, so you're talking about ~107k/employee, which seems excessive, but I have no idea how discretionary or amendable that number is. If we cut it to $1B, is that 14k at $71k/employee or are we slashing CPD to 9500 employees, and what does the latter mean on the street level and in terms of response times or serious crime investigation and prosecution? I have no idea.
Personnel costs are way over half the police budgets in these places. I'm appalled that CPD pays out $50-100M in settlements and legal fees every year, but it's a drop in the bucket and can also be somewhat mitigated with insurance schemes. Ditto equipment; it's a truism that they get shiny new stuff in part b/c it's indirect kickbacks to companies that have relative monopolies and love to support local politicians (compared with, say, the low bidder for providing school lunches with potatoes), but it's not much compared to the personnel costs.